NASDAQ-listed MoneyHero Ltd, a leading personal finance platform and digital insurance broker in Greater Southeast Asia, announced the launch of a new, fully integrated car insurance purchasing process in Hong Kong.
The new feature, launched in partnership with global insurtech company bolttech, allows users to compare real-time insurance quotes and purchase their car insurance directly through MoneyHero’s platform. This marks a significant milestone in Hong Kong’s insurance industry.
With bolttech’s cutting-edge insurance exchange technology, MoneyHero ensures a smooth, accurate, and efficient insurance purchasing experience for customers. This launch builds on a previous strategic partnership between the two companies, announced in October 2024, that introduced real-time car insurance price comparisons.
Hong Kong’s motor vehicle insurance sector has seen strong growth, with gross written premiums exceeding HK$5 billion. Insurance penetration in the region was 17.2 percent in 2023, creating a ripe opportunity for data-driven and seamless insurance distribution.
The new car insurance feature aligns with MoneyHero’s strategy to lead the insurance brokerage market and enhance its conversion expertise. MoneyHero has already seen impressive results with its travel insurance offering, where the seamless end-to-end purchasing process led to conversion rates that were twice as high as usual. The company is optimistic about seeing similar success with car insurance, which could drive increased sales for insurers and contribute to strong revenue growth.
MoneyHero’s insurance business has become a key growth driver. In the first nine months of 2024, revenues from insurance grew by 54 percent compared to the previous year. The company expects its insurance revenue to surpass 9.5 percent of its total group revenue in 2024, boosted by the continued rollout of end-to-end purchasing across various insurance categories.
Building on the success of its travel insurance platform, MoneyHero plans to further improve the purchasing experience in other markets and for other insurance products. This will ensure that the company remains at the forefront of innovation in the industry.
Rohith Murthy, CEO of MoneyHero, said, “With this launch in Hong Kong, we are making the car insurance shopping process easier and more efficient. Our data shows that end-to-end transactions lead to much higher conversion rates, and we expect strong customer adoption.”
Philip Weiner, CEO for Asia and the Middle East at bolttech, added, “Our insurance exchange platform will enhance the user experience for car insurance shoppers in Hong Kong, and together with MoneyHero, we look forward to offering more value to consumers.”
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