When Winnie Wong joined Asia Insurance as CEO four years ago, she had no idea that she would soon be launching one of the most innovative insurance concepts in Hong Kong.

In October 2019, two years after the Hong Kong Insurance Authority announced it would be granting virtual insurance licences, Avo was the first recipient of a general insurance licence.

This independent entity is headed by Wong in a joint venture between Asia Insurance, investment fund Two Sigma and Hillhouse Capital founder Zhang Lei, an early investor in tech juggernauts Baidu and Tencent.

Juggling the operations of a traditional insurance company alongside a digital start-up is a challenging undertaking. But Wong is cheerful, relaxed and unfazed by the efforts to bring Avo to fruition while running one of Hong Kong’s largest general insurers.

‘Insurance used to be more formal and now I’m running between the two offices every day. I have to get “younger” and closer to the team,’ she acknowledges.

Avo’s first birthday was in October 2020. ‘It’s a very important milestone for us, and there have definitely been both challenges and opportunities,’ says Wong.

On the opportunity side of the equation, Avo presented a clean slate. ‘I don’t have any legacy system issues that face traditional insurance companies,’ she says. 

‘I was able to shape a new culture that has drive, energy and passion with a young and energetic team, most of whom are in their 20s and half of whom have technology backgrounds. And, I don’t have to worry about the business channels, because it’s totally virtual enterprise.’

TWO DIFFERENT WORLDS

Thankfully, neither of the two businesses Wong oversees cannibalise each other. While Asia Insurance is primarily a B2B operation, Avo focuses on selling lifestyle, health and financial protection plans directly to consumers, with the intent of ‘integrating insurance into people’s everyday lives’.

Avo even ventured into people’s wardrobes, coming up with a ‘shoe policy’ late last year. The clever marketing ploy was a joint venture with Hong Kong footwear chain Mirabell, aimed at highlighting that the brand can provide ‘instant protection to all walks of life’. 

Customers who purchased a pair of shoes from the chain during the campaign period were entitled to ‘shoe protection’ by registering on Avo’s website. If the insured shoes were lost or damaged during the coverage period, policyholders would be compensated with a voucher to purchase a new pair.

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