YAS and QBE Launch Hong Kong's First"Pay-As-You-Sell"Product Liability Insurance for E-Commerce Merchants

Revolutionary Model Aligns Insurance Premium with Real-Time Sales Data and AI, Supporting Hong Kong's Online Sellers and Merchants

HONG KONG,Dec. 2, 2024/PRNewswire/ --YASandQBE Hong Kongtoday announced the launch of the region's first"Pay-As-You-Sell"product liability insurance. Underwritten by QBE and distributed exclusively through YAS, this innovative insurance solution leverages technology from Assureful, an insurtech firm, to deliver an insurance product designed specifically for merchants selling on major online marketplaces like Amazon, eBay, and Shopify.

This new solution offers flexible and reliable insurance policy coverage toHong Kongenterprises seeking risk management support for their individual e-commerce business models in the US market. The policy covers liabilities such as bodily injury and property damage, personal injury, as well as medical payments.

Creating a New Standard in On-Demand Insurance

Hong Kongis well-positioned to capture the opportunity as global e-commerce sales are projected to grow from$5.13 trillionin 2022 to$8.09 trillionby 2028. According to the World Trade Organization (WTO),Hong Kongwas ranked as the world's 10th largest exporter of merchandise trade in 2023. Additionally, the Hong Kong Trade Development Council has revised the city's trade growth forecast for 2024 upward from a robust 9% to 11%. These positive indicators highlight the tremendous potential for e-commerce sellers and merchants inHong Kong.

Traditionally, projected sales figures are used to determine yearly premiums. However, with this launch,Hong Konge-commerce sellers will receive fair and dynamic monthly premium pricing tied directly to their online sales activity. This is made possible as the'on-demand'insurance model integrates seamlessly with all major e-commerce platforms including Amazon, Shopify, and eBay; and utilises live sales projections and data, as well as incorporates product liability insurance coverage tailored to the US market requirements.

The result is a streamlined and cost-effective approach, leveraging artificial intelligence (AI) that analyses risk profiles and needs, thus ensuring that merchants are not excessively or under insured, thereby providing them with the appropriate coverage.

Pioneering the Next Evolution of Insurance

William Lee, Co-Founder of YAS, opined,"We are delighted to announce this strategic partnership with QBE Hong Kong and Assureful. This partnership offersHong Kongmerchants a solution that scales with their business and helps them launch out into the global market. We are using real time data for AI risk profiling to do 21st century insurance, yet another step towards crowningHong Kongas the international insurance centre."

Lei Yu, CEO of QBE North Asia and Regional Head of Distribution, said,"We are proud to pioneer the'Pay-as-you-sell'concept for product liability insurance for local merchants, through this tie-up with YAS and Assureful. Given the vast market opportunity in e-commerce,Hong Kong-based merchants need a global insurance provider with the track record and requisite expertise like QBE, who can give them the confidence and peace of mind in executing more cross-border trading."

Rohit Nair, Founder and CEO of Assureful, added,"We're thrilled to bring our e-commerce data-driven capability toHong Kongand join forces with QBE and YAS. Launching ahead of the seasonal surge, this solution is perfect forHong Kongmerchants ready to scale in the competitive U.S. market."

For additional information, visithttps://campaign.yas.io/payasyousell 

About YAS

YAS is offering real time and AI data-driven on-demand embedded solutions.  Licensed underHong Kong'sInsurance Companies Ordinance, YAS empowers individuals and businesses with scalable protection options. YAS Digital Limited (IA License No. FA2648) is registered in accordance with the Insurance Companies Ordinance (Cap. 41 of the Laws ofHong Kong) as an insurance agent for distribution of insurance products in Hong Kong. www.yas.io   

About QBE Hong Kong

QBE Hong Kong is part of QBE Insurance Group and has been servingHong Kongfor more than a century. Today, QBE Hong Kong operations include QBE Hongkong& Shanghai Insurance Limited and QBE Mortgage Insurance (Asia) Limited. As a leading general insurer, QBE Hong Kong provides a comprehensive range of non-life insurance solutions for both business and personal customers. QBE Hong Kong operates through an extensive network of professional insurance agents and brokers.

To learn more about QBE Hong Kong, please visitwww.qbe.com/hk  

About Assureful

Assureful, a leading innovator in eCommerce insurance, delivers bespoke coverage solutions designed to facilitate safe growth for online businesses. Operating from offices in the US and the UK, Assureful is renowned for its precision in identifying consumer product risks. Leveraging advanced Generative AI technology, the company achieves unparalleled accuracy in risk assessment, enabling superior underwriting outcomes and empowering businesses to scale with confidence. www.assureful.com

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SOURCE QBE