HSBC Insurance announced the launch of an online do-it-yourself insurance service via HSBC Direct upon its one-year anniversary in Taiwan. From now on, customers may get instant quotes online and apply for insurance plan anytime anywhere via HSBC Direct without any pressure.

Lee Wood, Managing Director of HSBC Insurance in Taiwan, said that HSBC Insurance has made some remarkable progress just one year after its establishment. He stated that in the first half of this year, HSBC Insurance contributed US$1.6billion, which was 16% to the Group’s total pre-tax profits, generating a 4% increase over first half of 2007 in spite of a difficult market. In addition, HSBC Insurance was rated one of the best insurers in FSC’s “protection enhancement” campaign twice, while achieving the highest average-sum-assured of NT$1.94 million in the second half of last year amongst 30 life insurers. It is truly an exceptional achievement within just one year.

Starting today, consumers may now buy HSBC insurance products online via HSBC Direct. Wood pointed out that HSBC Direct conducted extensive research and found that online banking customers, when buying insurance, prefer an environment without pressure. They also preferred tools that allow them to tailor-make insurance quotes specifically suited to their needs. Our research shows that 86% our online banking customers need little or no help to choose the right insurance product to suit their needs, and 49% of our customers were “extremely” or “very” willing to apply online.

Wood further emphasized that HSBC Direct’s online do-it-yourself is a market-first where customers may get instant quotes online to see if the policy meets their need and budget. All information, including rates and the entire process, are completely transparent. Customers may have 100% freedom and autonomy in their decision-making process, while at the same time enjoy professional consultation should they choose to.

In addition, to enhance customers’ protection, HSBC Insurance is also launching the ‘Overseas Service’, offering medical consultation, travel consultation and arrangement, hotel and flight information, luggage assistance, and so on. All HSBC Insurance policyholders may be freed from paying hospital deposits in case of unexpected hospitalization when traveling in China.

Furthermore, HSBC Insurance also launches ‘Jet Claim’ service, providing advanced partial claim payment (10% of total sum-assured or NT$300,000)* to customers’ family within 48 hours of receipt of relating documents.

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