QBE Hong Kong has teamed up with YAS to roll out a new insurance offering targeting e-commerce merchants, marking the launch of the first “Pay-As-You-Sell” product liability insurance in the region.
The product – underwritten by QBE and distributed through YAS, a provider of real time and AI-driven on-demand embedded solutions – incorporates technology from insurtech firm Assureful.
The new product is designed for sellers on platforms such as Amazon, eBay, and Shopify, offering flexible coverage based on actual sales activity.
This policy addresses liability risks such as bodily injury, property damage, and medical payments.
Premiums are dynamically adjusted monthly, using real-time sales data, unlike traditional insurance models that rely on projected annual sales.
The initiative coincides with a surge in e-commerce and Hong Kong’s growing role in global trade.
The World Trade Organization recently ranked Hong Kong as the world’s 10th largest exporter of merchandise. Meanwhile, the Hong Kong Trade Development Council projects 11% growth in the city’s trade for 2024.
E-commerce sales worldwide are expected to reach $8.09 trillion by 2028, creating opportunities for Hong Kong-based merchants to expand internationally.
By integrating with platforms like Amazon and Shopify, the new insurance solution leverages artificial intelligence to assess risks and customise coverage, aiming to avoid both underinsurance and overinsurance.
William Lee, co-founder of YAS, said that the collaboration with QBE and Assureful provides e-commerce merchants with tailored insurance designed to scale with their businesses.
“This partnership offers Hong Kong merchants a solution that scales with their business and helps them launch out into the global market. We are using real time data for AI risk profiling to do 21st century insurance, yet another step towards crowning Hong Kong as the international insurance centre,” he said.
Lei Yu, CEO of QBE North Asia, emphasised the importance of innovation in supporting the growing e-commerce sector.
“Given the vast market opportunity in e-commerce, Hong Kong-based merchants need a global insurance provider with the track record and requisite expertise like QBE, who can give them the confidence and peace of mind in executing more cross-border trading,” she said.
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Assureful’s founder and CEO, Rohit Nair, highlighted the role of data in the product’s design.
“We’re thrilled to bring our e-commerce data-driven capability to Hong Kong and join forces with QBE and YAS. Launching ahead of the seasonal surge, this solution is perfect for Hong Kong merchants ready to scale in the competitive US market,” he said.
