MoneyHero customers in Hong Kong can now directly complete their end-to-end car insurance purchase journey on the personal finance aggregation and comparison platform.
MoneyHero, a fintech company headquartered in Singapore and Hong Kong and focusing on financial product comparison tools, has introduced a new feature for its platform – an end-to-end car insurance service.
The service will be offered in collaboration with global insurtech bolttech – a digital embedded insurance platform that connects insurers, distributors, and customers, facilitating the buying and selling of insurance and protection products, including device protection, travel, motor, property, and life insurance, across more than 35 markets in North America, Asia, Europe, and Africa.
The two companies have partnered since late 2024, when bolttech first started providing its technology and data for real-time car insurance pricing comparisons on the MoneyHero platform. However, at the time, the actual purchase had to happen at third-party websites, which required additional registration and checkout processes.
MoneyHero’s new car insurance feature, powered by bolttech, is a game-changer for the local market. For the first time, customers in Hong Kong can instantly compare real-time quotes from top insurers, customise their coverage to fit their needs, and buy their policy all in one place, without redirects to other websites. Besides, the service is quick and efficient since customers get immediate confirmation and policy documents on the spot.
This all-in-one experience is a big leap forward from the legacy bureaucratic process and a major milestone for the insurance industry in the region. Although insurtech is growing fast in Hong Kong, the local insurance market is still dominated by traditional, legacy providers with lengthy offline processes, paper-heavy applications, and agent-driven sales. While life and general insurance are more prone to tradition, digital-first services are increasingly occurring in health, motor, and other segments.
Hong Kong’s car insurance market is big, with over HK$5 billion in premiums and a high insurance usage rate of 17.2% in 2023. This creates a strong chance for transformation using smart, data-driven tools. For insurers, the new platform means more policies sold and easier ways to reach new customers, making MoneyHero a key digital partner as the industry grows and changes.
Founded in 2014 as CompareAsiaGroup (later known as Hyphen Group), the financial comparison platform rebranded to MoneyHero Group in 2023 and is now publicly traded on NASDAQ under the ticker symbol MNY. The fintech helps consumers compare money-related products such as credit cards, loans, insurance policies, and investment accounts, on a mission to simplify financial decision-making and promote financial literacy across Asia.
MoneyHero operates primarily in Greater Southeast Asia, with active platforms in Hong Kong, Singapore, Taiwan and the Philippines. In all the locations, the services are provided under different brand names (e.g. SingSaver, Seedly, Moneymax, Money101). The company also operates Creatory, a B2B platform that connects financial service providers with content creators.
Insurance comparison is one of MoneyHero’s fastest-growing areas. In the first 9 months of 2024, its insurance-related revenue grew by 54% year-over-year and made up 9.5% of total group revenue, with full-year growth expected to go even higher.
MoneyHero’s travel insurance platform has seen particularly strong results, driving conversion rates twice as high thanks to its smooth, end-to-end purchase process. Now, MoneyHero expects the same success with car insurance.
