10Life Company Profile

Background

Overview

10Life is a Hong Kong-based digital insurance ecosystem founded in 2017 by seasoned insurance professionals. The company is dedicated to promoting fair insurance practices by providing transparent product ratings, unbiased advisory services, and independent claims support. Its mission is to simplify insurance, ensuring consumers receive the best coverage during both purchase and claims processes.

Mission and Vision

10Life's mission is to eliminate unfair insurance practices, including hidden clauses, dishonest sales tactics, and unreasonable claim rejections. The company envisions a marketplace where consumers can make informed insurance choices, leading to fair and transparent coverage.

Primary Area of Focus

The company focuses on enhancing insurance transparency, pioneering product ratings, and offering professional advisory services to guide consumers in selecting appropriate insurance products.

Industry Significance

As a leading insurance comparison platform in Hong Kong, 10Life plays a crucial role in educating consumers, promoting fair competition among insurers, and fostering a more transparent insurance market.

Key Strategic Focus

Core Objectives

Transparency: Providing clear and unbiased information about insurance products to empower consumers.

Consumer Advocacy: Ensuring that insurance recommendations and claims processes prioritize the best interests of consumers.

Market Education: Enhancing consumer understanding of insurance products and their rights.

Specific Areas of Specialization

Insurance Product Ratings: Offering comprehensive analyses and ratings of over 1,500 insurance products from more than 50 insurers.

Advisory Services: Providing non-commissioned, professional advice to assist consumers in selecting suitable insurance plans.

Claims Support: Acting as independent claims ambassadors to facilitate fair claims processing.

Key Technologies Utilized

Big Data Analytics: Leveraging data to assess and compare insurance products effectively.

Actuarial Methodologies: Applying actuarial science to evaluate product features and pricing.

Digital Platforms: Utilizing online tools and resources to enhance consumer engagement and education.

Primary Markets or Conditions Targeted

10Life primarily serves the Hong Kong market, focusing on consumers seeking transparent and fair insurance options.

Financials and Funding

Funding History

In 2019, 10Life raised $3 million USD in seed funding from a Japan-listed company and Southeast Asian investors.

Utilization of Capital

The capital raised has been utilized to expand 10Life's platform, enhance its technological capabilities, and broaden its range of services to better serve consumers.

Pipeline Development

As a digital insurance platform, 10Life's pipeline development focuses on continuously updating and expanding its database of insurance products, refining its rating methodologies, and enhancing advisory and claims support services to meet evolving consumer needs.

Technological Platform and Innovation

Proprietary Technologies

Insurance Product Rating System: A proprietary system developed by 10Life's actuaries to evaluate and score insurance products based on key factors such as coverage, premium, and terms.

Significant Scientific Methods

Actuarial Analyses: Utilizing actuarial science to assess the financial viability and fairness of insurance products.

Data Analytics: Employing big data techniques to analyze market trends and consumer preferences.

Leadership Team

Dennis Lun – Co-founder and Group CEO

Dennis holds an MBA from the Wharton School of Business and has over 20 years of experience in investment banking, strategy, and insurance. He is responsible for leveraging big data and technology to enhance the insurance experience and improve profitability.

Thomson Ho – Co-founder and Head of Business Development

With over 15 years of experience in corporate strategy, data analytics, claims systems, and digital sales development, Thomson leads technology and business development at 10Life, aiming to increase the quality and efficiency of insurance services.

Iris Lun – Co-founder and Chief Actuary

Iris is a renowned actuary with over 20 years in the profession, holding leadership and board roles across multinational insurance institutions. She leads the actuarial team at 10Life, focusing on research, product analytics, and rating models.

Chris Pun – Co-founder and Chief Marketing Officer

Graduated with a degree in Journalism and Communication, Chris has over 15 years of experience in branding, editorial, and digital marketing. She is responsible for making complex insurance information accessible and engaging to consumers.

Competitor Profile

Market Insights and Dynamics

The Hong Kong insurance market is characterized by a diverse range of products and a growing emphasis on digital platforms. Consumers are increasingly seeking transparency and fairness in insurance offerings, creating opportunities for platforms like 10Life to thrive.

Competitor Analysis

Key competitors include traditional insurance companies and other digital insurance platforms. However, 10Life differentiates itself through its comprehensive product ratings, unbiased advisory services, and independent claims support, positioning it as a leader in promoting fair insurance practices.

Strategic Collaborations and Partnerships

10Life collaborates with over 50 insurance companies to provide a wide range of products and services to consumers. These partnerships enable 10Life to offer comprehensive comparisons and insights, enhancing its value proposition in the market.

Operational Insights

10Life's strategic focus on transparency, consumer advocacy, and market education sets it apart from competitors. Its independent operations and commitment to fair practices provide a distinct competitive advantage in the Hong Kong insurance market.

Strategic Opportunities and Future Directions

10Life aims to expand its services to the Greater Bay Area, targeting a population of 72 million. By leveraging its strengths in transparency and consumer education, the company is well-positioned to achieve its objectives and drive further growth.