Daily Markup

Daily Markup #1133: YAS introduces the region’s first Pay-As-You-Sell insurance to offer fair pricing to e-commerce merchants in Hong Kong

December 9, 2024 · 2 min read
Photo credit: YAS

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  • Global e-commerce sales is projected to grow from US$5.13T in 2022 to US$8.09T by 2028, making insurance coverage for goods sold online more critical than ever.
  • 500-backed microinsurance platform YAS partnered with insurance company QBE Hong Kong and insurtech company Assureful to launch the region’s first Pay-As-You-Sell product liability insurance.
  • Distributed exclusively through YAS, this policy is designed specially for merchants selling on major online marketplaces. Coverage includes bodily injury and property damage, personal injury, as well as medical payments.
  • Traditionally, projected sales figures are used to determine yearly premiums. The new policy from YAS will offer fair and dynamic monthly premium pricing to Hong Kong e-commerce sellers, tied directly to their online sales activity.
  • The team utilizes live sales projections and data, and incorporates product liability insurance coverage tailored to the U.S. market requirements.
  • This is made possible as the ‘on-demand’ insurance model integrates seamlessly with all major e-commerce platforms including Amazon, Shopify, and eBay.
  • Co-founder William Lee shared, “This partnership offers Hong Kong merchants a solution that scales with their business and helps them launch out into the global market. We are using real time data for AI risk profiling to do 21st century insurance, yet another step towards crowning Hong Kong as the international insurance centre.”
  • Read the full story here.
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