Blue, a new brand by Aviva Hong Kong , launched as the first digital life insurer in Hong Kong

12-09-2018

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HONG KONG, 12 September 2018 – Aviva Life Insurance Company Limited ("Aviva Hong Kong") launched a new brand Blue as the first digital life insurer in Hong Kong today to revolutionise the insurance industry, providing consumers with an easy-to-use, zero commission, online insurance platform. As a joint venture between Aviva plc. (“Aviva”), Hillhouse Capital (“Hillhouse”) and Tencent Holdings Limited (“Tencent”), Blue is committed to offering simple, flexible solutions suited for customers who want to take charge of their own protection in the digital era. The unique partnership between Aviva, Hillhouse and Tencent combines the expertise and resources of three industry leaders. Blue draws on Aviva’s international heritage and deep experience in insurance, Hillhouse’s solid investment background as a leading investment firm, and Tencent’s internet and technology capabilities to provide a unique online experience for customers. Aviva and Hillhouse each hold 40% of the joint venture, and Tencent holds the remaining 20%. Mr. Charles Hung, CEO of Blue said, “Blue is the first digital life insurer in Hong Kong and brings together three industry leaders to revolutionise the insurance industry. We strive to provide solutions catered to customers' needs, and offer consumers anytime-anywhere accessibility in Hong Kong to purchase insurance online, giving them simple, flexible, and affordable protection at their fingertips." Blue addresses customer pain points by offering a fully digital customer experience, which enables streamlined, hassle-free engagement at every step. It cuts out complicated procedures and lengthy paperwork, and charges no commission by eliminating the intermediaries. It brings customers a new way of getting protection based on three fundamental principles:

Simple products and procedures that are easy to understand and follow

Blue offers an easy-to-use digital journey that requires no paperwork. Customers will only have to answer three simple health assessment questions online to get the cover they need.
The product offerings from Blue are simple and easy to understand, focusing on customers’ core needs and risks they care about the most. With simple terms, customers can easily understand what will or will not be covered in each policy.

Extraordinary value with zero commission to maximize the benefit to customers

Blue maximizes value for customers by charging no commission.
Combined with increased efficiency enabled by the digital platform, Blue is able to offer affordable plans.

“We will remove the complexity from insurance, and unlock exceptional value for customers. We will help customers take ownership of their own protection, as we believe that customers know their needs best. We are committed to making their lives easy by doing what is right for them, ” Mr. Hung concluded. Blue is offering two online protection plans tailored to today's customers: WeCare Term Life Protection Plan 1 ("WeCare TL1") and WeCare Critical Illness Protection Plan 1 ("WeCare CI1"). As part of a promotion for the product launch, the first 1,500 successful and eligible applicants for WeCare TL1 or WeCare CI1 will be entitled to a first year premium of only HK$1.

WeCare TL1 - Key feature of a flexible term life protection product that:

Features a market's first concept that allows customers to change the plan based on their needs with no penalties. They may be able to get back a portion of what they pay upon plan changes or policy termination.
Offers an affordable cost with a premium as low as HK$0.222 per day, which is one of the lowest in the industry.

WeCare CI1 - Key feature of a simple critical illness protection product that:

Covers the three leading critical illnesses in Hong Kong – cancer, stroke and heart attack3.
Offers complimentary protection to all children under the same plan, with coverage up to HK$300,000 per child.
Provides free DNA testing to provide insights on nutrient needs, food and dietary sensitiveness, and cardiovascular medication, subject to terms and conditions.
Offers an affordable cost with a premium as low as HK$0.274 per day, which is one of the lowest in the industry.
Offers an affordable cost with a premium as low as HK$0.222 per day, which is one of the lowest in the industry.

Guests officiate at the launch ceremony of Blue, a new brand by Aviva Hong Kong, held today (from left to right):

Mr. Greg So, Independent Non Executive Director of Blue
Mr. Chris Wei, Executive Chairman of Aviva Asia & FPI and Global Chairman of Aviva Digital
Ms. Carol Hui, Executive Director, Long Term Business Division of Insurance Authority
Mr. Charles Hung, CEO and Executive Director of Blue
Mr. Jie Liu, Partner of Hillhouse
Mr. Poshu Yeung, Vice President of the International Business Department of Tencent

Mr. Charles Hung, CEO and Executive Director of Blue introduces Blue, the first digital life insurer in Hong Kong that offers simple, flexible solutions with zero commission.

Remarks:

For applicants aged 18 – 40, available upon purchase of a 1-year policy term for WeCare TL1 for a Sum Assured of HK$500,000, or purchase of a 5-year policy term for WeCare CI1 for a Sum Assured of HK$200,000. For details, please refer to product materials including terms & conditions.
Premium shown is for a Hong Kong non-smoking female aged 18, with a Sum Assured of HK$250,000 with a yearly renewable term. The daily cost of HK$0.22 is achieved by spreading the annual premium (HK$80) for these conditions over a 12-month period.
Cancer, Heart Attack and Strokes were three of the four biggest killers in 2016. (Source: Department of Health)
Premium shown is for a Hong Kong non-smoking female aged 18, with a Sum Assured of HK$100,000 (Policy Benefit Term of 5 years and Premium Payment Term of 5 years). The daily cost of HK$0.27 is achieved by spreading the annual premium (HK$97) for these conditions over a 12-month period.