QBE Hong Kong and YAS have made a significant stride in the insurance sector by launching the region’s first “pay-as-you-sell” product liability insurance. This innovative offering is specifically designed to target Hong Kong-based merchants who are looking to expand their business operations in the US market and sell on major e-commerce platforms such as Amazon, eBay, and Shopify. The insurance, which is underwritten by QBE and distributed solely through YAS, harnesses the power of Assureful’s insurtech technology. This enables the provision of highly flexible coverage that can be customized according to the unique business models of individual merchants. The policy is comprehensive, covering a wide range of liabilities including bodily injury, property damage, personal injury, and medical payments.
The insurers have introduced a novel pricing model that is linked directly to the actual sales activity of the merchants. This is made possible through seamless integration with the e-commerce platforms, allowing for monthly pricing that accurately reflects the business’s performance. William Lee, the co-founder of YAS, emphasized the significance of this innovation. He pointed out that it is a crucial step in the journey to establish Hong Kong as a global insurance hub. By leveraging real-time data and artificial intelligence, the insurance solution can create tailored risk profiles, providing a more accurate and efficient service to merchants.
Lei Yu, the CEO of QBE North Asia, described the partnership between QBE and YAS as a powerful means to empower merchants. The “pay-as-you-sell” insurance offers scalable and cost-effective coverage for cross-border trading. This not only helps merchants manage their risks more effectively but also provides them with the confidence and support they need to expand their businesses in the highly competitive US e-commerce market. The launch of this insurance product is expected to have a significant impact on the growth and success of Hong Kong merchants trading in the US, while also setting a new standard for product liability insurance in the region.
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