For Immediate Release
June 14, 2020
TSX/NYSE/PSE: MFC SEHK: 945
Hong Kong – Manulife Hong Kong today announced the launch of a ‘Virtual Face-to-Face’ agency sales platform for all Manulife individual insurance products in Hong Kong, except investment-linked assurance schemes, making it among the first wave of insurers approved to do this in the market. Manulife’s Virtual Face-to-Face sales capability takes ‘Non-Face-to-Face’ sales to the next level by enabling customers to buy even the most sophisticated long-term insurance policies through the company’s individual insurance agents. The sales process requires no physical meeting or wet-ink signature, offering unparalleled convenience and security.
With this insurtech solution, both new and existing customers can virtually meet with Manulife’s agents via highly secure video chat and purchase a wide range of Manulife individual insurance products. The new insurtech solution is approved by the Insurance Authority through its Insurtech Sandbox, which provides a testing ground for authorized insurers’ innovative new technology applications to be applied in business operations.
Manulife’s Virtual Face-to-Face sales solution enables customers and agents to discuss financial needs and product benefits through the use of video conferencing and screen sharing via an encrypted network. To protect the interests of all involved parties, the platform will enable recording in real time for record-keeping, with customers’ consent. E-signatures and document sharing will be conducted securely using an industry-leading e-signature technology tool.
“We’ve continued to see a strong demand for insurance products as people become more health-conscious and think of their protection needs due to the COVID-19 pandemic,” said Damien Green, Chief Executive Officer of Manulife Hong Kong and Macau. “The recent facilitative measures and Insurtech Sandbox from the Insurance Authority have created a prime opportunity for us to do the right thing for customers, breaking the short-term constraint on face-to-face meetings with a new insurtech solution. It has the potential to become a meaningful alternative to traditional in-person face-to-face meetings, for customers who want choices and greater ease and convenience.”
Starting from June 15, Manulife’s individual insurance products ranging from life insurance, savings and retirement plans, to critical illness and other medical protection will be available to customers through this insurtech solution.
Manulife’s Virtual Face-to-Face sales solution was developed following the Insurance Authority’s announcement of temporary facilitative measures in response to the COVID-19 pandemic that allow consumers to purchase certain insurance products without attending a physical meeting in person with an insurance agent.
About Manulife Hong Kong
Manulife Hong Kong, through Manulife International Holdings Limited, owns Manulife (International) Limited, Manulife Investment Management (Hong Kong) Limited and Manulife Provident Funds Trust Company Limited. As a member of the Manulife group of companies, Manulife Hong Kong offers a diverse range of protection and wealth products and services to individual and corporate customers in Hong Kong and Macau.
Manulife Financial Corporation is a leading international financial services group that helps people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we operate as Manulife across our offices in Canada, Asia, and Europe, and primarily as John Hancock in the United States. We provide financial advice, insurance, and wealth and asset management solutions for individuals, groups and institutions. At the end of 2019, we had more than 35,000 employees, over 98,000 agents, and thousands of distribution partners, serving almost 30 million customers. As of March 31, 2020, we had C$1.2 trillion (HK$6.6 trillion) in assets under management and administration, and in the previous 12 months we made C$30.4 billion in payments to our customers. Our principal operations are in Asia, Canada and the United States where we have served customers for more than 155 years. We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong.