21 October 2002
HSBC is looking to expand its insurance services in Hong Kong SAR through a deal with Yahoo! that allows the bank to market insurance products to the millions of Yahoo! users in the territory.
HSBC is offering instant online approval, payment and delivery of policy documents to customers that apply for its travel, home, accident and hospital insurance products through Yahoo!
Online applications to HSBC's insurance products in Hong Kong were initially only available to customers who had registered for the bank's internet banking service, online@hsbc In December 2001, when the bank extended its online insurance to non-customers through www.hsbc.com.hk, online applications increased substantially.
Ann Pearce, Head of Insurance Products, Personal Financial Services at The Hongkong and Shanghai Banking Corporation, said: "Customers like the convenience of buying insurance over the internet, as we have seen through our own site. Thanks to this deal with Yahoo! many more people will be able to access our insurance services, and we are expecting to an upsurge in the number of applications we receive online."
In addition to making insurance more widely available, HSBC has also simplified the application process for registered online@hsbc customers. Registered customers are now able to complete a typical online application in about 30-40 seconds, as the bank will automatically complete personal details such as name, address and date of birth on the application form.
Online buyers will be entitled to a 10 per cent discount on HSBC's TravelSurance service and two months' free cover for the bank's home, accident and hospital insurance products.
