In recent years, the rise of InsurTech has tremendously boosted the creativity and room for improvement of the new age insurance industry. As a Hong Kong-based next-generation InsurTech company startup, YAS MicroInsurance has been featured as one of the TOP 10 of the InsurTech Batch 5 in Plug and Play APAC, a well-known global startups accelerator and innovation platform, which has proudly put Hong Kong on the InsurTech's map.
Plug and Play APAC has announced the TOP 10 of the InsurTech Batch 5 in late June 2021 to showcase and recognize the outstanding InsurTech startups in APAC with unique business models which identify the industry's leading challenges and implement novel startup solutions. By kickstarting new products like RYDE with YAS, the first-ever insurance product in Hong Kong that provides on-demand 90-min protection for passengers anytime, anywhere at their fingertips, YAS MicroInsurance successfully obtained the TOP 10 in the batch. There are a few successful Hong Kong startups supported by Plug and Play APAC in the past, such as Snapask, Avant, etc.
The huge potential of InsurTech is also attracting an increasing number of venture capital and angel investors recently. For instance, a Berlin-based digital insurance company, Wefox, backed by Li Ka-shing's Horizons Ventures and raised a record US$650 million in Series C funding, is valued at US$3 billion. The considerable development of the InsurTech industry is highly expected in the foreseeable future, which YAS MicroInsurance will definitely be playing a significant role in.