Virtual bank Mox has announced the launch of its insurance business, Mox Insure, with a personal accident insurance plan as its first product.
Following this announcement, Mox Insure will provide its customers with access to its first solution, entitled the Personal Accident Cushion. This product was developed as an accident insurance plan to cover both local and overseas protection.
In addition, the product will provide up to approximately USD 254.778 (HKD 2 million) in compensation for accidental death or permanent disability. The basic costs approximately USD 2.5 (HKS 20) per month, as it also includes the first three months free.
More information on Mox’s launch of its digital bank's insurance arm
The insurance product represents a collaboration with QBE Hongkong & Shanghai Insurance, a subsidiary of QBE Insurance Group. At the same time, officials of the financial institution mentioned that Mox will continue to expand its insurance portfolio in order to meet market demands.
Designed for simplicity, transparency, and security, the newly launched Personal Accident Cushion offers three flexible plans (the Basic, Value, and Max plans will provide customers with the possibility to choose the level of protection that fits their personal needs), one flat premium (with no hidden fees, no age-based hikes, and the possibility to cancel anytime), a secure and digital experience (with instant application, full-service management, and claims on the bank’s application), as well as 24/7 worldwide emergency assistance and customer-focused benefits (including rehabilitation support, accidental medical expense coverage, permanent disablement benefits and parent care).
In addition, the virtual bank will also continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry as well.
This launch also marks the beginning of a partnership for general insurance with QBE Hongkong & Shanghai Insurance Limited, part of QBE Insurance Group. Together, Mox and QBE are expected to improve the way insurance is purchased, managed, and experienced in the industry.
