Avo Insurance Company, the first firm to receive a virtual general licence in Hong Kong, has received a capital injection of HK$260 million (SG$45.1 million) in its latest funding round.
The investment will be used to accelerate Avo's product development and enhance its insurtech capabilities as it aims to be a key player in the Hong Kong insurance market. The sum also demonstrates shareholders’ recognition of the company’s achievements since its inception in 2019, Avo said.
“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.”
According to Avo, it has been recognised – both locally and overseas – for its timely products, which seek to address problems such as COVID-19-related unemployment, everyday sports injuries and home office health problems. Avo recently partnered with financial technology firm Two Sigma to drive product innovation using data science and machine learning.
“We're able to pinpoint unique opportunities and make the best use of our expertise through data,” Wong said. “That's how we stay relevant and fulfil our promises to our customers and shareholders.”
