Hong Kong insurer QBE to be Manulife's exclusive supplier

Added 28th July 2016

Canada-based financial services group Manulife has agreed to make Hong Kong insurer QBE its exclusive supplier of general insurance products in the special administrative region.

Hong Kong insurer QBE to be Manulife's exclusive supplier

QBE has been selling general insurance products via Manulife’s agency channel in Hong Kong since 2003 and the new deal, which begins from 1 August 2016, aims to expand the relationship.

Products covered by the agreement include QBE’s travel, motor, home and employee compensation insurance, which will complement Manulife’s pensions, life and wealth management products.

Manulife said the new deal will better meet the needs of corporate and individual clients who are for a one-stop solution for their financial protection and insurance needs.

“Customers will benefit from increased convenience, enhanced experience and more choices,” it said in a statement.

New investment

Under the deal both Manulife and QBE have agreed to jointly invest in and deliver digital solutions and e-business capabilities to help Manulife’s agents more efficiently distribute general insurance products.

The agreement also means Manulife and QBE will work together to develop tailor-made general insurance solutions for corporate and individual customers.

Guy Mills, chief executive of Manulife (International), said: “This partnership supports Manulife’s business strategy in providing holistic solutions to our customers, creates more value to them and further differentiates our leading position in the protection area.”

Agent access

Manulife's agents will get direct access to Qnect, QBE’s proprietary e-commerce platform, under the deal allowing them to generate instant quotes, manage policy administration and eventually lodge online claims and keep track of a wide range of commercial and personal general insurance products.

Mark Walker, chief executive of QBE Hong Kong, said the agreement allows QBE to “further expand its distribution capabilities through Manulife’s broad customer base and strong agency force”.

"We look forward to further reinforcing our standing as Hong Kong’s top ranked general insurer and a leader in the corporate and specialty segment,” he said.

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Richard Hubbard

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Richard Hubbard is the group editor at Last Word. He is responsible for the editorial content of International Adviser, Portfolio Adviser, Expert Investor and Fund Selector Asia. Richard previously worked for Thomson Reuters and has covered the financial services industry and investment themes from its offices in London, Singapore, Hong Kong and New York. Richard started his career at the Australian Financial Review in Sydney.


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