Prudential Plc will invest more money to develop its business in Asia and expand its investor base in the region, according to its chief executive for Asia.

Nic Nicandrou, CEO of Prudential Corporation Asia (PCA), said that 2017 was the eighth straight year of double-digit growth for its business in Asia. He added that Hong Kong is a critical market for Prudential, as it made the largest contribution to new business last year, according to a report by the Hong Kong Standard.

Nicandrou cited technology and innovation as the main drivers of Prudential’s growth strategy, adding that the insurer will invest HKD3.29 billion (US$420 million) into technology in Asia annually for the next three years.

According to Nicandrou, around 60% of new business in the region is submitted electronically. Through technology, it takes only 30 minutes for an insurance policy to be issued in China, and less than two hours for Hong Kong, Malaysia, and Indonesia. This shows that the market has made a substantial shift to online distribution methods.

Following the recent announcement of its demerger, Prudential will transfer the legal entity for its Hong Kong insurance business from the UK to Asia, resulting in less exposure to European capital rules.