This milestone was officially disclosed in a statement released by Bowtie on Thursday, highlighting their robust financial backing.
Leading the charge in this funding round was Sun Life Hong Kong Limited, one of Bowtie’s primary investors. Additionally, the round saw participation from Mitsui & Co., Ltd., further solidifying the company’s financial standing.
Bowtie’s management expressed immense confidence in their long-term growth prospects, emphasizing their track record in revolutionising access to health insurance services. This infusion of capital is set to propel Bowtie towards expanding its operations and technological capabilities, with a specific focus on addressing Hong Kong’s substantial US$886 billion protection gap.
The company’s strategic objectives involve ramping up product innovation and deepening collaboration with healthcare providers to create differentiating factors that will significantly enhance the customer experience.
Remarkably, Bowtie’s exponential growth has driven the overall expansion of the online channel, resulting in a notable threefold increase in the direct channel market share within the insurance industry. This growth has seen the company’s market share in the direct sales channel reach approximately 30%, securing its position as the number one player in Hong Kong’s direct channel for the first half of 2023, a distinction held for two consecutive years.
Bowtie attributes its success to its competitive digital insurance and health offerings, citing their ability to deliver an optimal blend of affordability, convenience, and service quality to their customers.
“In today’s competitive business environment, investors not only seek top-line growth from startups but also a clear path to profitability, which makes our achievements even more precious,” said Michael Chan, Co-Founder and Co-Chief Executive Officer of Bowtie.
In addition to their core voluntary health insurance scheme (VHIS) products, Bowtie’s growth has been further buoyed by repeated purchases from existing customers. Their critical illness products have experienced remarkable growth, boasting a growth rate of over 100% in the past year.
During the same period, Bowtie has achieved a significant milestone in group medical insurance and wellness solutions, serving more than 500 small and medium-sized enterprises as well as technology-focused companies across various industries, including fintech, telecommunications, and airlines.
Sun Life Hong Kong Limited, an early investor in Bowtie and the lead investor in this Series B2 funding round, praised the company’s pioneering business model. They lauded Bowtie’s success in challenging the conventional notion that “insurance is sold, not bought,” marking a significant shift in the industry’s dynamics.
Clement Lam, Chief Executive Officer at Sun Life Hong Kong Limited, affirmed their commitment to making insurance more affordable and accessible to all, standing shoulder to shoulder with Bowtie in this mission.
Mitsui & Co., Ltd. also recognized Bowtie’s noteworthy efforts in establishing a modern clinic and launching collaborative products with new hospitals and wellness partners to prioritize preventive care. They view Bowtie’s innovative initiatives as a potential game-changer in reshaping the insurance landscape and fostering a value-based healthcare ecosystem.
Tomoya Shishido, Chief Executive Officer at the Hong Kong Branch of MBK Healthcare Management, expressed Mitsui’s keen interest in investing in Bowtie due to their alignment of incentives and simplification of complexities between insurers and healthcare providers, marking a crucial step toward a more integrated and effective healthcare system.
