Year 2024 - Business opportunities for insurance intermediaries in the GBA 保險中介在大灣區的發展機遇

17 2023 年刊與 2024 展望 YEARBOOK 2023 & PROSPECT 2024 專題探討 FEATURE At the same time, the plan for Guangdong-registered vehicles to travel south is also progressing gradually. Insurance may have opportunities to offer short-term Hong Kong policies for mainland vehicles traveling to Hong Kong. The population movement also creates new opportunities for short-term travel insurance. As more individuals from Hong Kong venture to the mainland and vice versa, there is a growing need for insurance coverage tailored to brief travel periods. This presents an emerging market for insurance providers to offer specialized policies that cater to the unique requirements of these short-term travelers. - For Enterprise The Greater Bay Area provides numerous opportunities to attract investments from the mainland to Hong Kong. As these companies establish their presence in Hong Kong, they create additional opportunities for the local insurance industry. This influx of investment not only contributes to the growth of the insurance sector but also strengthens the overall business ecosystem in Hong Kong, fostering economic development and collaboration within the GBA. There is an optimistic outlook for the possibility of professional indemnity insurance in the GBA that could cater to the needs of professionals such as lawyers and doctors traveling between Hong Kong and Guangzhou. There is potential to offer professionals a comprehensive policy that covers their activities in multiple geographical areas within the Greater Bay Area. This would ensure adequate coverage and protection regardless of their work location, enhancing convenience and streamlining the insurance process for professionals operating across different GBA jurisdictions. Practical Guidance: The rise of Insurtech in the Greater Bay Area is reshaping the traditional insurance industry through innovative technologies. Hong Kong intermediaries have the opportunity to collaborate and explore partnerships, investments, or integration of technological solutions to enhance operational efficiency, customer experience, and product offerings in the GBA's insurance sector. Intermediaries in Hong Kong should possess a thorough understanding of both the mainland Chinese legal system, particularly insurance-related aspects, and the well-known Hong Kong system. This knowledge allows intermediaries to provide customers with the best guidance and expertise. By being familiar with both legal frameworks, intermediaries can navigate insurance regulations, market practices, and customer expectations in mainland China, while also catering to the unique needs of customers in the local Hong Kong market. This ensures intermediaries can offer tailored insurance solutions and optimal service to customers in both regions. Summary: The Greater Bay Area (GBA) offers a promising market for businesses and professionals, supported by strategic initiatives like the "Northbound Travel for Hong Kong Vehicles" scheme. The insurance industry can leverage this opportunity by meeting the rising demand for multiple types of insurance and collaborating with Insurtech for innovation. By adapting to market needs, fostering flexibility, and exploring partnerships and risk management services, Hong Kong intermediaries can establish a strong presence in the GBA's flourishing economy. Kelvin Cheung Managing Director China Ping An Insurance (H.K.) Co., Ltd.