YAS and QBE Launch Hong Kong's First "Pay-As-You-Sell" Product Liability Insurance for E-Commerce Merchants

Revolutionary Model Aligns Insurance Premium with Real-Time Sales Data and AI, Supporting Hong Kong's Online Sellers and Merchants

HONG KONG, Dec. 2, 2024 /PRNewswire/ -- YAS and QBE Hong Kong today announced the launch of the region's first "Pay-As-You-Sell" product liability insurance. Underwritten by QBE and distributed exclusively through YAS, this innovative insurance solution leverages technology from Assureful, an insurtech firm, to deliver an insurance product designed specifically for merchants selling on major online marketplaces like Amazon, eBay, and Shopify.

This new solution offers flexible and reliable insurance policy coverage to Hong Kong enterprises seeking risk management support for their individual e-commerce business models in the US market. The policy covers liabilities such as bodily injury and property damage, personal injury, as well as medical payments.

Creating a New Standard in On-Demand Insurance

Hong Kong is well-positioned to capture the opportunity as global e-commerce sales are projected to grow from $5.13 trillion in 2022 to $8.09 trillion by 2028. According to the World Trade Organization (WTO), Hong Kong was ranked as the world's 10th largest exporter of merchandise trade in 2023. Additionally, the Hong Kong Trade Development Council has revised the city's trade growth forecast for 2024 upward from a robust 9% to 11%. These positive indicators highlight the tremendous potential for e-commerce sellers and merchants in Hong Kong.

Traditionally, projected sales figures are used to determine yearly premiums. However, with this launch, Hong Kong e-commerce sellers will receive fair and dynamic monthly premium pricing tied directly to their online sales activity. This is made possible as the 'on-demand' insurance model integrates seamlessly with all major e-commerce platforms including Amazon, Shopify, and eBay; and utilises live sales projections and data, as well as incorporates product liability insurance coverage tailored to the US market requirements.

The result is a streamlined and cost-effective approach, leveraging artificial intelligence (AI) that analyses risk profiles and needs, thus ensuring that merchants are not excessively or under insured, thereby providing them with the appropriate coverage.

Pioneering the Next Evolution of Insurance

William Lee, Co-Founder of YAS, opined, "We are delighted to announce this strategic partnership with QBE Hong Kong and Assureful. 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."

Lei Yu, CEO of QBE North Asia and Regional Head of Distribution, said, "We are proud to pioneer the 'Pay-as-you-sell' concept for product liability insurance for local merchants, through this tie-up with YAS and Assureful. Given the vast market opportunity in e-commerce, Hong Kong-based merchants need a global insurance provider with the track record and requisite expertise like QBE, who can give them the confidence and peace of mind in executing more cross-border trading."

Rohit Nair, Founder and CEO of Assureful, added, "We're thrilled to bring our e-commerce data-driven capability to Hong Kong and join forces with QBE and YAS. Launching ahead of the seasonal surge, this solution is perfect for Hong Kong merchants ready to scale in the competitive U.S. market."

For additional information, visit https://campaign.yas.io/payasyousell 

About YAS

YAS is offering real time and AI data-driven on-demand embedded solutions.  Licensed under Hong Kong's Insurance Companies Ordinance, YAS empowers individuals and businesses with scalable protection options. YAS Digital Limited (IA License No. FA2648) is registered in accordance with the Insurance Companies Ordinance (Cap. 41 of the Laws of Hong Kong) as an insurance agent for distribution of insurance products in Hong Kong. www.yas.io   

About QBE Hong Kong

QBE Hong Kong is part of QBE Insurance Group and has been serving Hong Kong for more than a century. Today, QBE Hong Kong operations include QBE Hongkong & Shanghai Insurance Limited and QBE Mortgage Insurance (Asia) Limited. As a leading general insurer, QBE Hong Kong provides a comprehensive range of non-life insurance solutions for both business and personal customers. QBE Hong Kong operates through an extensive network of professional insurance agents and brokers.

To learn more about QBE Hong Kong, please visit www.qbe.com/hk   

About Assureful

Assureful, a leading innovator in eCommerce insurance, delivers bespoke coverage solutions designed to facilitate safe growth for online businesses. Operating from offices in the US and the UK, Assureful is renowned for its precision in identifying consumer product risks. Leveraging advanced Generative AI technology, the company achieves unparalleled accuracy in risk assessment, enabling superior underwriting outcomes and empowering businesses to scale with confidence. www.assureful.com

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

YAS and QBE Launch Hong Kong's First "Pay-As-You-Sell" Product Liability Insurance for E-Commerce Merchants

Expanding Market Leadership Across the Middle East, Southeast Asia, and Africa with AI and Metaverse Solutions

SEOUL, South Korea, Dec. 2, 2024 /PRNewswire/ -- Morphing I, a global leader in AI-based infrastructure solutions founded in 2021, is redefining industry standards by integrating cutting-edge technologies such as AI, blockchain, and the metaverse. The company is expanding its market presence across the Middle East, Southeast Asia, and Africa, with significant milestones achieved in countries such as Tunisia, the UAE, Singapore, and Vietnam.

Morphing I has achieved significant milestones in the global market. At KOTAS 2024, the company partnered with Tunisian startups, establishing a foothold in Africa. It also secured a Top 5 position at the 2024 BIBAN and EWC competitions, further strengthening its presence in the Middle East. Most notably, Morphing I was awarded 1st place in the AI/Robotics Pitch Competition at IFA 2024, underscoring its position as a global innovator in infrastructure management. Participation in SBA programs in Dubai and Singapore further solidified the company's growth in Southeast Asia.

Morphing I's flagship product, Morphing-BOT, combines AI-powered 3D mapping, digital twin visualization, IoT networks, and precision sensors to diagnose pipeline conditions and detect anomalies. By leveraging BIM and AI-driven predictive models, the solution quantifies pipeline aging, automates maintenance prioritization, and reduces costs while ensuring timely repairs, preventing failures, and enhancing infrastructure stability.

In Vietnam, Morphing I is collaborating with local companies across sectors such as tourism, agriculture, and electric vehicles. Using advanced technologies like digital twin and point cloud systems, the company develops tailored solutions including metaverse-based tourism content, sustainable agriculture initiatives, and EV infrastructure enhancements. These projects, supported by strategic partnerships with key Vietnamese firms, showcase Morphing I's ability to scale its expertise across industries.

The company's KPOP AI Audition Platform, an NFT-based metaverse solution, has  impacted Vietnam and Southeast Asia. Beyond KPOP, it offers immersive virtual environments where artists and fans connect, leveraging AI algorithms for personalized experiences, allowing users to interact with virtual idols and participate in real-time voting and performances. Blockchain technology ensures secure NFT transactions, fostering user trust. Gamified elements encourage active engagement, creating a dynamic ecosystem for creators and audiences, positioning the platform as a leader in merging digital entertainment with advanced technology. 

"Morphing I is advancing its global presence through technological innovation," said Kim Ki-young, CEO of Morphing I. "Our success at IFA 2024, along with strategic partnerships and groundbreaking metaverse initiatives, highlights our growing influence. We aim to commercialize AI and metaverse technologies to deliver impactful solutions across sectors worldwide."

For more information, contact info@morphingi.com or visit https://morphingi.com

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

Morphing I: Pioneering Global Innovation with AI and the Metaverse