Avo Insurance is a purely digital insurance provider based in Hong Kong. It is also recently became the first insurance company to be granted a virtual general insurance licence by the Hong Kong Insurance Authority. 

Despite digital life insurance insurance products going live in Hong Kong over a year ago, non-life products haven’t quite caught up - until now. Avo and future digital general insurers in Hong Kong are looking to fill existing gaps in the marketplace without involving brokers or agents, allowing them to reduce costs for customers.

Customers in Hong Kong are increasingly interested in digital insurance products that they can access online, delivered by insurers that provide a transparent pricing, delivery, and claims process. This is the service Avo Insurance is looking to provide for non-life products.

“Insurtech provides the opportunity for both consumers and the industry to improve the customer experience, enhance inclusiveness, build a sustainable fintech ecosystem, reduce the compliance burden and induce greater supervisory efficiency,” says Clement Cheung Wan-ching, chief executive of the Insurance Authority.



Avo Insurance is 51 percent owned by Asia Insurance, the general insurance arm of Hong Kong-listed Asia Financial Group, and 49 percent owned by Zhang Lei, founder and chief executive of Hillhouse Capital. The company is headed by Winnie Wong, who also holds the position of CEO at Asia Insurance.

“Avo is a younger brand and more appealing to millennials and young professionals, while Asia Insurance is an established brand. The two will have different market positioning,” Wong told the South China Morning Post. “The above factors gave us strong reasons to establish a different company and brand to achieve the most desired outcome.”

Avo will use new technologies like AI, big data, and deep learning to more accurately conduct risk profiling and pricing as well as save its customers money. According to Wong, the company will offer lifestyle, financial, and health-related protection plans.


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