Categories: News

Citibank Introduces Market-First Virtual Meeting Room for Insurance Business

Offering Video Remote Application Service to Local Wealth Management Customers

HONG
KONG, CHINA – Media OutReach – 1
May 2020 – Citibank will be the first in Hong Kong to introduce a virtual
meeting room to provide a video remote insurance application service starting
from next week. Local Citigold Private Client and Citigold customers can have
video meetings with their relationship manager online while staying at home.
Together with real-time screen sharing, relationship managers can conduct a financial
needs analysis with customers and introduce insurance products to them.
Customers can then complete the insurance application process by providing an electronic
signature. Following the temporary facilitative measures by the Insurance
Authority from late February, customers can apply for Qualified Deferred
Annuity Policy and Voluntary Health Insurance Scheme products via non
face-to-face distribution channels. Taking this one step further, Citibank’s
upcoming remote service is pioneering in the industry with its new insurance
sales model. The service covers multiple insurance products including life,
savings, retirement, critical illness, medical protection, etc.

Alson Ho,
Head of Insurance at Citibank Hong Kong, said, “Citibank has been providing
various channels for insurance selling that fit for customers’ daily life. The number
of new insurance policies sold via digital channels recorded a Year-on-Year
growth of 13% in 2019. To further cater to customer needs in digital financial
services, Citibank is determined to breakthrough from the inherent insurance
sales model, making good use of technology to bring a new insurance application
experience to customers, and redefining the new standard in insurance sales.”

Further to the launch of “Citi Live Chat” in October 2018 enabling wealth management
customers to connect remotely with their relationship manager and handle
personal banking matters, Citibank will further launch the remote insurance
application service to fulfill customers’ all-round digital banking
needs. The underlying platform of the new service was developed by Citigroup
itself, ensuring that customer data is secure and highly protected, thereby allowing
customers to rest assured when applying for insurance at home.

About Citi

Citi, the leading global bank, has
approximately 200 million customer accounts and does business in more than 160
countries and jurisdictions. Citi provides consumers, corporations, governments
and institutions with a broad range of financial products and services,
including consumer banking and credit, corporate and investment banking,
securities brokerage, transaction services, and wealth management.