In an innovative partnership underwritten by QBE and distributed exclusively through YAS, a new insurance solution has been launched to support Hong Kong-based merchants selling on major eCommerce platforms such as Amazon, eBay, and Shopify. The product, which leverages advanced technology from InsurTech firm Assureful, is designed to offer tailored coverage to eCommerce sellers managing risks in the U.S. market.
The new insurance policy provides Hong Kong enterprises with comprehensive coverage for various liabilities, including bodily injury, property damage, personal injury, and medical payments, ensuring that sellers can safeguard their businesses while navigating the complexities of cross-border trade.
Unlike traditional insurance policies, where premiums are based on projected sales figures, this innovative solution uses real-time data to calculate dynamic monthly premiums based on actual sales activity. This approach ensures that sellers are charged fairly, avoiding the pitfalls of being either overinsured or underinsured, depending on fluctuating sales.
By utilizing AI-driven risk profiling, the solution automatically adjusts coverage to match each merchant’s evolving needs, providing a streamlined and cost-effective way to manage business risks.
William Lee, Co-Founder of YAS, expressed enthusiasm about the partnership, saying, “We are excited to collaborate with QBE Hong Kong and Assureful to offer a solution that grows with our merchants. This partnership helps Hong Kong sellers tap into the global eCommerce market, with real-time data and AI-driven insurance tailored to the 21st century.”
Lei Yu, CEO of QBE North Asia and Regional Head of Distribution, commented, “Through this collaboration, we are proud to introduce the ‘Pay-as-you-sell’ model for product liability insurance. With the growing potential of the eCommerce sector, Hong Kong merchants require a reliable global partner like QBE, whose expertise gives them the assurance they need to expand internationally.”
Rohit Nair, Founder and CEO of Assureful, also highlighted the value of the solution, stating, “We’re excited to bring our eCommerce data-driven capabilities to Hong Kong. With this launch ahead of the peak seasonal sales, this offering is perfect for merchants looking to scale their business in the competitive U.S. market.”
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