QBE will start supplying general insurance products in Hong Kong for distribution through Manulife’s agents.
The exclusive distribution agreement is between divisions of both companies: Manulife (International) Ltd. and QBE Hongkong & Shanghai Insurance Ltd. Neither side is disclosing financial terms.
Plans call for triggering the exclusive distribution agreement on Aug. 1. QBE will provide travel, motor, home and employee compensation insurance designed to complement Manulife’s life, pensions and wealth management products.
While QBE has been selling general insurance products via Manulife’s agency channel in Hong Kong since 2003, the arrangement takes the relationship between the two companies to a higher level, the companies said in a statement.
“It will better meet the demands of both corporate and individual customers of Manulife who are looking for a ‘one-stop solution’ for their financial protection and various insurance needs,” said the statement.
“Manulife has been serving the protection needs of people in Hong Kong for more than a century, and QBE has had a strong presence here for nearly as long,” said Guy Mills, chief executive officer of Manulife (International) Ltd.
“This partnership supports Manulife’s business strategy in providing holistic solutions to our customers, creates more value to them and further differentiates our leading position in the protection area,” Mills added.
“This exclusive partnership on general insurance formally expands a long-standing relationship between two highly respected brands,” according to Mark Walker, chief executive officer of QBE Hong Kong.
“It allows QBE to further expand its distribution capabilities through Manulife’s broad customer base and a strong agency force,” Walker said.
Manulife and QBE said they will jointly invest in and deliver digital solutions and e-business capabilities that will assist Manulife agents to efficiently distribute general insurance products that are complementary to Manulife’s current offerings. The companies said that certain Manulife agents will be appointed as QBE’s agents to distribute the insurance products.
Direct access to Qnect, QBE’s proprietary e-commerce platform, will also allow Manulife agents to generate instant quotes, manage policy administration, lodge online claims and keep track of a wide range of commercial and personal general insurance products.
Under the arrangement, the companies will work together to develop tailor-made general insurance solutions for corporate and individual customers.
Sources: Manulife (International) Ltd. and QBE Hong Kong