YAS & QBE launch “Pay-As-You-Sell” Product Liability Insurance

By Gloria Mathias

YAS and QBE Hong Kong have announced the launch of the region’s “Pay-As-You-Sell” product liability insurance.

Underwritten by QBE and distributed exclusively through YAS, this innovative insurance solution leverages technology from Assureful, an InsurTech firm, to deliver an insurance product designed specifically for merchants selling on major online marketplaces like Amazon, eBay, and Shopify.

This new solution offers flexible and reliable insurance policy coverage to Hong Kong enterprises seeking risk management support for their personal eCommerce business models in the US market. The policy covers liabilities such as bodily injury, property damage, personal injury, and medical payments.

Traditionally, projected sales figures are used to determine yearly premiums. However, with this launch, Hong Kong eCommerce sellers will receive fair and dynamic monthly premium pricing tied directly to their online sales activity.

The result is a streamlined and cost-effective approach, leveraging AI that analyses risk profiles and needs. This ensures that merchants are not excessively or underinsured and provides them with the appropriate coverage.

William Lee, Co-Founder of YAS, said, “We are delighted to announce this strategic partnership with QBE Hong Kong and Assureful. This partnership offers Hong Kong merchants a solution that scales with their business and helps them launch into the global market. We are using real-time data for AI risk profiling to do 21st-century insurance, yet another step towards crowning Hong Kong as the international insurance centre.”

Lei Yu, CEO of QBE North Asia and Regional Head of Distribution, said, “We are proud to pioneer the ‘Pay-as-you-sell’ concept for product liability insurance for local merchants through this tie-up with YAS and Assureful. Given the vast market opportunity in eCommerce, Hong Kong-based merchants need a global insurance provider with the track record and requisite expertise like QBE, who can give them the confidence and peace of mind in executing more cross-border trading.”

Rohit Nair, Founder and CEO of Assureful, added, “We’re thrilled to bring our eCommerce data-driven capability to Hong Kong and join forces with QBE and YAS. Launching ahead of the seasonal surge, this solution is perfect for Hong Kong merchants ready to scale in the competitive U.S. market.”