AXA Hong Kong and Macau and Hong Kong Broadband Network Limited (HKBN) have formed a strategic alliance to deliver integrated home insurance solutions to HKBN customers.
This partnership integrates comprehensive home protection plans with home broadband services, targeting enhanced household safety and security through offerings that include Dual Guarantee broadband, home network security, and asset protection.
A recent HKBN survey showed that only 32% of those surveyed have home insurance, with the predominant reason being a perceived low risk, cited by 36% of respondents.
Misunderstandings also persist, with approximately a quarter of those surveyed incorrectly believing that home insurance is solely for protecting high-value items.
Furthermore, 26% do not feel the need to buy insurance as they are tenants, or they assume that the landlord’s insurance will cover them. An additional 11% confuse home insurance with fire insurance.
Elinor Shiu, HKBN co-owner and CEO – residential solutions, commented on the findings, noting the significant portion of customers without home insurance and the need for improved awareness and understanding of home insurance benefits.
“With merely one-third of our customers having home insurance, there is a clear need to improve awareness around the importance of home protection and enhance understanding of its benefits to correct common misconceptions. As a company committed to ‘making our home a better place to live,’ our collaboration with AXA enhances this vision. Initially, we will focus on home insurance, with plans to extend to other insurance offerings soon. This collaboration encapsulates the safety and security needs of our customers by extending protection from cybersecurity to home insurance, safeguarding customers both online and offline,” she said.
AXA’s 2023 internal claims data revealed that water damage is the most frequent claim in home insurance, primarily due to pipe bursts or rainstorms, representing over half of all claims.
The largest single claim paid exceeded HKD2,000,000, covering extensive damages including to furniture, appliances, alternative living arrangements, and even affecting neighbouring properties.
Kenneth Lai, chief general insurance officer at AXA Hong Kong and Macau, discussed the benefits of the partnership.
“This collaboration brings together AXA’s expertise as a leading insurer in [the] home insurance market and HKBN’s extensive customer reach to foster homeowner education about the importance of home insurance and effective risk management. This distribution collaboration will also introduce a comprehensive range of insurance products and services that seamlessly integrate with HKBN’s digital platforms and customer touchpoints, transforming the way insurance is sold and consumed in Hong Kong,” he said.
In celebration of the new partnership, HKBN is offering HKD150 in Account Rewards to customers who purchase a home insurance plan by May 31, 2024, either through monthly or annual payments. Further details about this promotion can be accessed on HKBN’s website.
The partnership follows the launch of AXA Hong Kong and Macau’s latest financial product that aims to support individuals in their retirement planning.
