Video: Why 10Life Is Hong Kong’s Most Downloaded Insurtech App
Andrew Work speaks to Dennis Lun, CEO and Co-Founder of 10Life, at the Jumpstarter Competition sponsored by Alibaba Enterprise Ventures, Cyberport and HKSTP. 10Life brings simplicity and transparency to the complicated world of insurance for its users, leading it to become Hong Kong’s most downloaded insurance related App.
NEXCHANGE: Hi, I’m Andrew Work with NexChange and we are here at Cyberport for the Jumpstarter 2017 event whereby companies are pitching to win up to a million U.S.dollars in prizes for their starters.
I’m here with Dennis Lun, he is the CEO and co-founder of 10life which is Hong Kong’s most downloaded insurance related app and we’d like to ask you guys, what are you guys doing that’s so special that’s made you so downloaded?
DENNIS LUN: I think the difference is we’re bringing transparency and simplicity to the customer. Insurance by itself is a very complicated product and unfortunate but it’s still a very useful product. So how can we actually bring to the market this transparency and simplicity is really the core and I think having the 10,000 downloads that we have in four months since launch was one of the Testament to our success.
NEXCHANGE: Fantastic, now my understanding is that you do not provide commissions because you don’t want to have the hard sell, you don’t want to be biased in the way in which you present information to customers. But if you’re not charging commissions which is where insurance usually makes its money, where are you getting paid? what’s the business model?
DENNIS LUN: There are comparison sites out there but all of them will charge some form of commission or lease fees so at the end of the day their recommendation might not always be unbiased. So for us what we focus on is bringing the right, the unbiased information to the customer and by that we actually have a lot of information and understanding of our customer and with that we can actually build services unrelated to sales to support advisers, to support insurance company to help them better serve the customer.
NEXCHANGE: Keep up the good work and helping to simplify insurance and bring it to the people of Hong Kong.