Cover Photo: Affa Chan

Hong Kong entrepreneur Fred Ngan, co-founder and co-CEO of virtual insurance company Bowtie, on how he is using technology to make insurance simpler and more efficient

Fred Ngan is dragging the insurance industry into the 21st century. His startup Bowtie, Hong Kong’s first virtual insurance company, aims to update the antiquated insurance industry and provide consumers with a more transparent, affordable and straightforward insurance solution.

“We think the system is broken,” says Ngan.” “We want to change the norms, because the industry hasn’t really changed [in a long time].” The problems are the same worldwide: “the products are complex, it's not transparent and it's expensive.”

For Ngan, it’s not just a business opportunity; it’s personal. “About six years ago, I was diagnosed with a heart condition and I was shocked to find out that my company group medical insurance was not sufficient to cover my surgery. After my recovery, I thought maybe we can help contribute to fixing the healthcare system.”

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Above Watch: Fred Ngan on his mission to reshape the insurance industry (Video: Capsule 48/Generation T)

And that he did. In December 2018, Bowtie became the first online-only insurer to receive a license from Hong Kong’s insurance watchdog. That same month, the startup announced a US$30 million Series A funding round.

The company uses cutting-edge technological solutions to solve age-old problems, building its products from scratch to optimise their effectiveness. “It used to take weeks to get insurance, but our customers can get insurance on a smartphone in just a few minutes,” says Ngan.

The way Bowtie wants to help people get insurance—efficiently, anytime, anywhere—is also how Ngan organises his schedule as an entrepreneur. Using devices such as Samsung's Galaxy Z Fold2 5G—whether it’s to video call colleagues hands-free using the device’s Flex Mode, or to multi-task with different apps on-the-go—Ngan is able to run his business no matter where he is. “It's in our DNA to use tech for everything. I feel that nowadays we can pretty much do everything on a smartphone,” he says. “We don't need to go to the office.”

All of which means less time wasted and more time spent achieving Ngan’s mission to become the leading health insurance company in Asia. “Because everyone deserves real protection.”


Learn more about the Galaxy Z Fold2 5G.