YAS and QBE Hong Kong have launched an innovative "Pay-As-You-Sell" product liability insurance tailored for e-commerce merchants. This pioneering solution, underwritten by QBE and distributed through YAS, utilizes advanced technology from Assureful, offering a scalable and dynamic insurance model that aligns premiums with real-time sales data.
Targeting merchants selling on platforms like Amazon, Shopify, and eBay, this insurance provides coverage for risks such as bodily injury, property damage, personal injury, and medical payments. The model enables businesses to adjust premiums monthly based on their actual sales, moving away from traditional fixed annual premiums.
Revolutionizing insurance with AI and real-time data
The integration of live sales projections and artificial intelligence (AI) ensures accurate risk assessment and eliminates under- or over-insurance. This streamlined approach reduces costs while providing tailored coverage, meeting the demands of U.S. market regulations for Hong Kong-based e-commerce sellers.
Positioning Hong Kong for global e-commerce growth
As global e-commerce sales are expected to surge from $5.13 trillion in 2022 to $8.09 trillion by 2028, Hong Kong stands poised to capitalize on this momentum. Ranked the world’s 10th largest exporter in 2023, the city’s merchants are uniquely positioned to thrive with this innovative insurance offering.
Industry leaders speak on the game-changing partnership
William Lee, Co-Founder of YAS, emphasized the partnership’s role in empowering merchants to expand globally with confidence. Lei Yu, CEO of QBE North Asia, highlighted QBE’s expertise in providing reliable cross-border trading insurance. Rohit Nair, CEO of Assureful, expressed enthusiasm for introducing Assureful’s data-driven capabilities to Hong Kong ahead of the seasonal e-commerce surge.
Merchants can visit the YAS website for a real-time quote, unlocking a cost-effective and scalable insurance solution to fuel their growth in competitive markets.
