Avo Insurance Company, which identifies as Hong Kong’s first virtual general insurance company, has secured an additional HDK 260 ($33.4m) in funding.
The capital was raised to help Avo enhance its product development and release new features to its customers in Hong Kong.
Founded in 2019, Avo aims to make insurance simple and enjoyable, with products designed to meet everyday scenarios, it claims. Its platform combines advanced technology and expertise from its parent company, Asia Insurance.
There are a variety of policies available on the platform, including protection for sports, working from home, travel cancer, coronavirus and more. It claims its services are easy to use, with a mobile app that lets users compare prices, buy policies, manage protections and file claims.
The InsurTech recently teamed up with financial services company Two Sigma to apply advanced quantitative methods and technology to financial services.
“We’re thankful for this round of injection. It’s not only a sign of trust, but also will bolster our efforts in product development and innovation,” said Winnie Wong, Executive Director and CEO of Avo. “Our team can further perfect our insurance experience, which will widen our coverage on our customers’ everyday lives.”
Fellow Hong Kong-based InsurTech Ignatica, recently closed a funding round on $7m. The company helps insurers grow their market reach and launch customisable insurance policies online.
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