Customers today expect businesses to provide digital experiences that are secure, user-friendly, and friction-free. And the first step to a positive customer experience is the ability to access services without having to go through cumbersome identity verification.
MediConCen, a Cyberport InsurTech start-up, recently helped Hong Kong Life implement “iAM Smart” as an identity verification and sign-on option. The local insurer was the first in its industry to take advantage of this eID now offered by the Hong Kong government.
The collaboration was made possible by two government schemes administered by Cyberport: iAM Smart and the Fintech Proof-of-Concept Subsidy Scheme (PoC Scheme).
The PoC Scheme, launched by the Financial Services and the Treasury Bureau, encourages traditional financial institutions to collaborate with FinTech companies to conduct proof-of-concept projects on innovative financial service products. MediConCen had previously participated in the iAM Smart Sandbox Programme and developed a solution to help insurers enhance customer experience and data security through the use of iAM Smart. The PoC Scheme provided Hong Kong Life and MediConCen with the necessary conditions and incentives to collaborate, resulting in a project that improves customer experiences while also promoting the insurance industry’s digital transformation.
“This was an excellent example of how new and traditional enterprises can work together and take advantage of the government’s I&T resources to achieve quadruple-win outcomes – for start-ups, businesses, customers, and Hong Kong,” said Eric Chan, Cyberport’s Chief Public Mission Officer. “With a synergistic approach, Cyberport will continue to match start-ups with enterprises, support the integration of new and traditional economies, and push forward Hong Kong’s smart city development.”
