Singapore-headquartered digital insurer KoverNow has obtained authorisation from the Hong Kong Insurance Authority (IA) to operate as a licensed insurance agency, marking its official entry into the local market.
With this approval, the company has launched its digital insurance platform, which enables users to secure coverage for luxury goods and collectibles through its mobile app, available on iOS and Android.
John Trotter, managing director of KoverNow in Hong Kong, said the insurer had been preparing for its Hong Kong debut by building partnerships and establishing a presence in the market while awaiting regulatory approval.
“We are a fully licensed agency with the backing of expert insurance companies, so our customers can be sure that our policies will be suitable for their needs,” he said.
KoverNow’s app allows customers to manage policies for personal assets such as luxury watches, jewellery, and designer handbags. The company offers a flexible digital platform designed to let policyholders adjust coverage as their collections expand.
The app features:
KoverNow plans to expand its product offerings in Hong Kong by introducing coverage for wine, spirits, and fine art, broadening its scope in the luxury insurance market.
KoverNow’s expansion aligns with broader industry trends, as insurers continue to invest in digitalisation to enhance efficiency and broker engagement.
According to Capgemini’s 2025 property and casualty insurance report, insurers are prioritising technology investments to improve policy management, claims processing, and underwriting. AI-driven solutions are increasingly being integrated into digital platforms to support brokers and reduce administrative burdens.
However, while digital tools streamline processes, they also present challenges for insurance intermediaries. Brokers are expected to adapt to complex technology-driven platforms while managing rising premiums, stricter underwriting criteria, and reduced carrier capacity.
Despite recognising these concerns, many insurers remain focused on profitability rather than addressing intermediary challenges. While 93% of property and casualty insurers surveyed by Capgemini aim to streamline their operations with brokers, 51% reported that their digital transformation progress remains average or below average.
Beyond its direct-to-consumer model, KoverNow is collaborating with luxury retailers through its Partner Programme, which allows businesses to introduce customers to insurance options at the point of sale.
The initiative integrates coverage for accidental damage, theft, and loss into the purchasing process, enhancing customer protection without requiring retailers to implement complex integrations.
With regulatory approval in place, KoverNow plans to expand its partnerships across Hong Kong and the broader Asia-Pacific region, introducing digital insurance solutions tailored to collectors and high-net-worth consumers.
KoverNow (Hong Kong) Limited (License No. GA1069) is registered under the Insurance Companies Ordinance (Cap. 41) as an insurance agency authorised to distribute insurance products in Hong Kong.
