HONG KONG, Oct. 26, 2021 /PRNewswire/ — Nowcompare.com, the world’s first expat insurance and financial aggregator website, celebrates the 10th anniversary of its launch in Hong Kong in 2011. A milestone made possible by identifying and unilaterally acting upon the need in the market for lower cost financial services products, higher levels of care and transparent pricing within the expat community.
As part of Alliance Group International, a leading global and insurance intermediary, Nowcompare has high negotiating power and can influence the market. This has galvanized other suppliers into developing expat products that are more transparent to the end user. NowCompare continues to offer the best possible choice of expat insurance policies from 98 percent of the world’s financial lines and private health insurance providers.
Serving 10 million expats worldwide
The original offering of private health insurance was swiftly followed by Life Insurance, Savings and Investment products. In 2018, Wellness services (including Yoga and Counselling) and an expat job search facility were introduced. Today, Nowcompare.com serves over 10 million expats, providing access to more affordable insurance, finance and wellness services across 189 countries/regions.
50 per cent of all online insurance sold by aggregators
As reported in Mckinsey & Company’s, “Friends or foes: The Rise of European aggregators and their impact on traditional insurers”, in Europe alone, by 2018 over 50 per cent of all online insurance was sold via aggregators. Customers are using aggregators at both the start and the end of their buying journey, first comparing the market and then to buy the products.
Cherry-Yu, Director of Now Compare, says, “Nowcompare’s phenomenal growth is recognition of the quality of products and services that we provide to our expat clients. NowCompare was the first, and continues to be, the most comprehensive expat financial service aggregator in the world. It could be said that Nowcompare.com has revolutionized the insurance industry around the world by encouraging other insurers to compete on a single platform with more transparency.”