Generali Hong Kong has launched an innovative Bill Insurance solution created to cover the utility bills by paying a lump sum benefit in the event the insured is hospitalised for more than three consecutive days.
The product named ZA Bill Insurance, co-created with ZA, a FinTech and InsurTech company in Asia, is designed to offer customers worldwide coverage against unforeseen circumstances and challenges.
Mr Cillin O'Flynn, General Manager of Assicurazioni Generali S.p.A – Hong Kong Branch, said, "Flexible working such as freelance and self-employment has been a growing trend over the past years and as a result, we have observed an increasing demand for protection against sudden and unforeseeable difficulties for this group of people. As they are not under any continuous contract of employment, their income will cease if they cannot work due to hospitalisation, and it becomes difficult to keep up with monthly bills and expenses.
“The Bill Insurance offers them a sense of security, ensuring they can maintain their utility expenses, which are essential to keep life moving and to better support themselves and their families,” he noted.
Latest reports reveal that the average number of people engaged in flexible workforces in Hong Kong has reached 741,000 in 2020, accounting for close to 20% of the total workforce. This figure is significantly higher when compared to the average recorded in 2010 ten years ago (391,000; 11%).
He added, "Generali strives to become the Lifetime Partner of our customers by listening to them, thinking out of the box and offering innovative products tailored to their needs. ZA is an ideal partner for us as they share the same vision for innovation. Their newly established digital platform, ZA Insure Select allows customers to complete purchases with convenience and ease.”
There are two variations – Basic plan (accident only) and Comprehensive plan (accident & sickness) – with different tiers of utility benefit, allowing customers to personalise their protection based on their own risk levels. With an affordable premium as low as HK$18 per year, the plan will give customers coverage of up to HK$7,200 worth of benefits.
Manage essential expenses with affordable premium
This new and unique product is designed to help customers navigate challenging times by offering the following features:
The product offers further personalisation by giving customers a choice between the Basic plan (accident only) and comprehensive plan (accident & sickness) with different tiers of utility benefit. The plan will provide utility benefits to customers who are hospitalised due to accident and/or sickness for longer than 3 consecutive days.
Customers will access the benefits of the plan with an affordable premium of as low as HK$18 per year. The total maximum benefit payable within a policy year is up to 24 times the Utility Benefit.
Jointly developed with ZA, Generali's ZA Bill Insurance will be available on the newly established platform ZA Insure Select, offering customers a fully digitalised service and ensuring a seamless and convenient customer experience.
The plan covers the insured regardless of geographical location, providing customers with extensive worldwide coverage.
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