The innovation is made in collaboration with MediConCen Limited, an InsurTech startup company. Hong Kong Life acted as the project sponsor while the project is under the Fintech Proof-of-Concept Subsidy Scheme by the Financial Services and the Treasury Bureau.
With the adoption of "iAM Smart" as an option to login Hong Kong Life's customer account, customers can use their personal mobile phones' biometric authentication and a single digital identity to login their accounts. For customers who log in their accounts through "iAM Smart", their identities as verified by "iAM Smart" enable Hong Kong Life to grant access to customers on sensitive information related to their policies and to ensure all instructions are truly given by customers.
With the rapid technological development, the era of digitalization creates new opportunities for the insurance industry and promotes sustainable development of the insurance market. "iAM Smart" enhances the service flow with innovative technology which helps the industry to fulfill specific market needs. At the same time, it encourages the public to enjoy quality digital service and drives the development of smart city.
Mr. Eric Chan, Chief Public Mission Officer of Cyberport, said, "Cyberport is delighted to see our startup MediConCen participated in our 'iAM Smart' Sandbox Programme collaborated with government to develop and test the APIs integration function in the early stages. Their mature solution is to enhance customer experience and data security and now adopted by Hong Kong Life under our FinTech Proof-of-Concept Subsidy Scheme commission by government. This successful case shows that startups will appeal to large enterprises more easily if they make good use of I&T resources provided by government and Cyberport, thereby promoting digital transformation of the industry."
Ms. Margaret Tsang, Chief Operating Officer of Hong Kong Life, said, "Hong Kong Life has always valued customer experience and has been making good use of InsurTech to meet the evolving needs of customers. We are delighted to be the first Hong Kong insurer to adopt 'iAM Smart' for both identity authentication and account login. We will continue to explore expanding the usage of 'iAM Smart' to assist in the customer onboarding process and other innovation technologies that could further enhance the digital insurance service and deliver more attentive customer experience."
About Hong Kong Life
Established in 2001, Hong Kong Life Insurance Limited ("Hong Kong Life") was founded by five local financial institutions including Asia Insurance Company Limited, Chong Hing Bank Limited, CMB Wing Lung Bank Limited, OCBC Wing Hang Bank Limited and Shanghai Commercial Bank Limited, which laid their foundations and have been serving people in Hong Kong for more than 50 years in average. Through our extensive network of around 150 distribution points comprising Chong Hing Bank, CMB Wing Lung Bank, OCBC Wing Hang and Shanghai Commercial Bank, we provide a comprehensive range of insurance services.