Avo Insurance Company Limited (Avo), Hong Kong’s first virtual general insurance company, has announced its additional round of capital injection of HKD260 million today.
This investment will accelerate Avo’s product development and enhance its insurtech capabilities as a key player in the Hong Kong insurance market. The sum also demonstrates shareholders’ recognition of Avo’s achievements since its inception in 2019.
“We’re thankful for this round of injection. It’s not only a sign of trust, but also will bolster our efforts in product development and innovation,” said Winnie Wong, Executive Director and CEO of Avo. “Our team can further perfect our insurance experience, which will widen our coverage on our customers’ everyday lives.”
Avo has won a series of local and overseas awards for its time-relevant products that seek to alleviate woes like COVID19-related unemployment, everyday sports injuries and home office health problems. At the same time, Avo is expected to further drive product innovation using data science and machine learning through its partnership with Two Sigma, a global financial sciences company applying advanced quantitative methods and technology to financial services.
“We’re able to pinpoint unique opportunities and make the best use of our expertise through data,” said Executive Director and CEO Winnie Wong when asked about the company’s prospects. “That’s how we stay relevant and fulfill our promises to our customers and shareholders.”