HONG KONG, May 6, 2024 /PRNewswire/ -- Hong Kong Broadband Network Limited (HKBN) and AXA Hong Kong and Macau (AXA) are pleased to announce a strategic collaboration to provide one-stop home insurance protection to HKBN customers. With an aim of providing all-in-one "peace of mind" coverage for households, customers can enjoy comprehensive home protection, including home broadband with Dual Guarantee, home network security and home asset protection when purchasing home broadband service, HKBN's alliance with AXA integrates home insurance with home broadband service.
A recent survey[1] conducted by HKBN revealed that only 32% of respondents purchased home insurance. Respondents said the predominant reason for not purchasing coverage is a perceived low risk (36%). Digging into the other reasons, it is clear that misconceptions are prevalent. About a quarter of respondents mistakenly believe that home insurance is solely for the protection of valuable items, and 26% believe they don't need to purchase it at all because they are tenants, or they assume the property owner's insurance provides them protection. Furthermore, around 11% confuse home insurance with fire insurance.
Elinor Shiu, HKBN Co-Owner & Chief Executive Officer – Residential Solutions said, "With merely one-third[1] of our customers having home insurance, there is a clear need to improve awareness around the importance of home protection and enhance understanding of its benefits to correct common misconceptions. As a company committed to 'making our home a better place to live', our collaboration with AXA enhances this vision. Initially, we will focus on home insurance, with plans to extend to other insurance offerings soon. This collaboration encapsulates the safety and security needs of our customers by extending protection from cybersecurity to home insurance, safeguarding customers both online and offline."
According to AXA's internal claims statistics for 2023, water damage emerged as the most commonly claimed incident for home insurance. These damages were predominantly caused by pipe leaks or bursts and rainstorms, accounting for over 50% of all claims. The highest claim paid out exceeded HKD2,000,000, covering damages to furniture and electrical appliances, the cost of alternative accommodation, and even damage caused to neighboring properties.
Kenneth Lai, Chief General Insurance Officer, AXA Hong Kong and Macau, said, "This collaboration brings together AXA's expertise as a leading insurer in home insurance market and HKBN's extensive customer reach to foster homeowner education about the importance of home insurance and effective risk management. This distribution collaboration will also introduce a comprehensive range of insurance products and services that seamlessly integrate with HKBN's digital platforms and customer touchpoints, transforming the way insurance is sold and consumed in Hong Kong."
Earn HKD150 HKBN Account Rewards
To celebrate the new collaboration, from now until 31 May 2024, HKBN customers who successfully purchase a home insurance plan with monthly or annual payment can enjoy HKD150 HKBN Account Rewards[2]. HKBN customers can visit HKBN website for more details about the offerings.
HKBN and AXA team up to launch one-stop home protection to customers, which will include home broadband with Dual Guarantee, home network security and home asset protection. (From left): Elinor Shiu, HKBN Co-Owner & Chief Executive Officer – Residential Solutions and Kenneth Lai, Chief General Insurance Officer, AXA Hong Kong and Macau
[1] HKBN conducted an online survey in March 2024, sampling over 20,000 customers to gather insights about Hong Kong consumers' attitudes and needs about home insurance protection. [2] Subject to terms and conditions and the fulfilment of related criteria of various rewards. For details, please visit https://www.hkbn.net/personal/insurance/en/ |
About AXA Hong Kong and Macau
AXA Hong Kong and Macau is a member of the AXA Group, a leading global insurer with presence in 51 markets and serving 94 million customers worldwide. Our purpose is to act for human progress by protecting what matters.
As one of the most diversified insurers in Hong Kong, we offer integrated solutions across Life, Health and General Insurance. We are the largest General Insurance provider and a major Health and Employee Benefits provider. Our aim is to not only be the insurer to provide comprehensive protection to our customers, but also a holistic partner to the individuals, businesses and community we serve. At the core of our service commitment is continuous product & service innovation and customer experience enrichment, which is achieved through actively listening to our customers' needs and leveraging and investing in technology and digital transformation.
We embrace our responsibility to be a driving force against climate change and a force for good to create shared value for our community. We are proud to be the first to address the importance of mental health through different products and services and thought leading iconic research. Our overall Sustainability Strategy, with emphasis on climate strategy and biodiversity commitment, is developed based on TCFD recommendations. We are committed to integrating environmental, social and governance factors across our business and strive to contribute to a sustainable future through 3 distinct roles - as an investor, insurer and an exemplary company.
About Hong Kong Broadband Network Limited
Hong Kong Broadband Network Limited is the residential solutions arm of HKBN Group ("HKBN" or the "Group"). Headquartered in Hong Kong with operations spanning across Hong Kong, Macau and mainland China, the Group is a leading integrated telecommunications and technology services provider. The Group provides a full range of one-stop, high-quality information and communication technology (ICT) solutions and an unlimited services portfolio. HKBN's extensive tri-carrier fibre infrastructure covers over 2.57 million residential homes and 8,100 commercial buildings and facilities across Hong Kong. Committed to creating a lasting positive impact to wherever it operates, HKBN embraces a core purpose to "Make our Home a Better Place to Live" and has received a highest possible rating of AAA in MSCI's 2023 ESG Ratings assessment in environment, society and governance. The Group is managed by hundreds of Co-Owners (supervisory and management level Talents in the Group) who invested their savings to buy shares of HKBN Ltd. (SEHK Stock Code: 1310). For more information about HKBN, please visit www.hkbn.net/en.
THIS PRESS RELEASE IS AVAILABLE ON AXA'S WEBSITE: AXA.COM.HK
IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS
Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause AXA's actual results to differ materially from those expressed or implied in the forward-looking statements. Please refer to Part 4 - "Risk factors and risk management" of AXA's Universal Registration Document for the year ended December 31, 2019, for a description of certain important factors, risks and uncertainties that may affect AXA's business, and/or results of operations. AXA undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise, except as part of applicable regulatory or legal obligations.
