Avo Insurance expands e-wallet protection product

Avo Insurance expands e-wallet protection product | Insurance Business Asia

Avo Insurance expands e-wallet protection product

Hong Kong-based digital general insurer Avo Insurance has launched its eWallet Protection Mini product, which covers users’ Octopus Cards.

Aside from public transport in Hong Kong, Octopus Cards are also used for contactless payments in supermarkets, fast food restaurants, carparks and convenience stores.

According to a statement by Avo, the eWallet Protection Mini product covers loss of the Octopus Card, including those added to Apple Pay, Google Pay or Samsung Pay, during the first three hours upon successfully reporting the loss. During the coverage period, policyholders can be reimbursed the actual and irrecoverable monetary loss, with a maximum of HK$500.

The product expands on Avo’s existing eWallet Protection, which covers risks such as unauthorised credit card spending and fraudulent transactions using electronic wallets, with a maximum coverage of HK$50,000.

Avo Insurance, Hong Kong’s first virtual general insurer, said the launch is part of its first anniversary celebrations. The firm also launched its tram body advertising campaign, which will be followed by a comics and animated video series by local illustrators Hong Kong illustrators DinDong, Mandycat and Tony Electronic. The campaigns feature the insurer’s mascot Cado, an anthropomorphised avocado fruit.

“We’re excited to celebrate the first anniversary of Avo, having created a simple and straightforward digital insurance experience for everyone,” said Winnie Wong, the company’s executive director and CEO. “Avo integrates seamlessly into everyday life, providing consumers absolute ease and security. In the coming year, we will continue to adapt to unprecedented circumstances and introduce protection that meets the ever-changing needs of consumers. We invite everyone to join our celebratory events in November.”