Citibank will be the first in Hong Kong to introduce a virtual meeting room to provide a video remote insurance application service for its wealth management customers.

Customers can have video meetings with their relationship manager online while staying at home. And, together with real-time screen sharing, relationship managers can conduct a financial needs analysis with customers and introduce insurance products to them. Customers can then complete the insurance application process by providing an electronic signature.

Following the temporary facilitative measures by the Hong Kong Insurance Authority, customers can apply for Qualified Deferred Annuity Policy and Voluntary Health Insurance Scheme products via non face-to-face distribution channels.

Taking this one step further, Citibank's new remote service covers multiple insurance products including life, savings, retirement, critical illness, medical protection, etc.

“The number of new insurance policies sold via digital channels recorded a year-on-year growth of 13% in 2019,” says Alson Ho, head of insurance at Citibank Hong Kong. "Citibank is determined to breakthrough from the inherent insurance sales model, making good use of technology to bring a new insurance application experience to customers."