Hong Kong-based insurance company Lockton Companies has been recognized at the Insurance Asia Awards 2024 for its Auto Insurance Initiative of the Year in the Hong Kong category. The company partnered with telematics tech startup TaxieCo to revive the struggling taxi insurance industry in Hong Kong. Over the past two years, Lockton and TaxieCo have made significant progress by becoming the market leader in terms of the total number of taxis equipped with telematics devices. They have successfully converted live telematics driving data into usage-based insurance (UBI) data, providing insurers with valuable risk relativity data and helping to identify specific driving behaviors that lead to accidents. The initiative has attracted new players to the industry and has received support from government agencies. Lockton sees new business opportunities in micro-insurance and innovative digital platforms for marketing and distribution [9371e3f9].
The recognition of Lockton Companies at the Insurance Asia Awards highlights the importance of innovative solutions in the insurance industry, particularly in the context of the struggling taxi insurance sector in Hong Kong. By leveraging telematics technology and developing usage-based insurance models, Lockton and TaxieCo have been able to address the underwriting losses in the industry and improve risk management. Their success in becoming the market leader in terms of telematics-equipped taxis demonstrates the effectiveness of their approach. Additionally, the initiative has not only attracted new players to the industry but has also received support from government agencies, indicating the recognition of its positive impact. Lockton's focus on micro-insurance and digital platforms further highlights their commitment to innovation and adapting to the changing landscape of the insurance industry [9371e3f9].