Winnie Wong, CEO and Executive Director of Asia Insurance Company Limited and Avo Insurance Company Limited, is a formidable leader in the insurance industry. Since joining Asia Insurance over five years ago, she has driven the company to new heights while simultaneously spearheading Avo Insurance since its inception in 2019, the first virtual general insurance company in Hong Kong. Leading a team of 300 professionals across both organizations, Winnie is redefining insurance by bridging traditional and digital models to better serve customers.
Asia Insurance – 60 Years and Growing Stronger
Asia Insurance is a well-established composite insurer with a legacy of over 60 years. It is one of the Top 10 general insurers in Hong Kong, holding an “A” rating from Standard & Poor’s. Its trusted reputation is built on long-term partnerships with agents, brokers, and corporate clients.
The company serves individuals, SMEs, local corporates, government entities, and multinational companies. While most of its business comes from external intermediaries, Asia Insurance collaborates with thousands of agents and brokers and maintains strong partnerships with banks, life insurance firms, and reinsurance providers globally.
Under Winnie’s leadership, Asia Insurance has experienced remarkable success. Despite fierce market competition and industry challenges, she has led the company to achieve record-high growth in revenue and profit for four consecutive years.
Avo Insurance – Making Insurance Simple and Accessible
In contrast to the long-standing legacy of Asia Insurance, Avo Insurance is a bold new venture. Launched in 2019, it is Hong Kong’s first virtual general insurance company, designed to offer straightforward, digital-first insurance solutions.
Winnie recognized that many consumers find insurance to be complex and expensive. She founded Avo to address this issue by making insurance more affordable and accessible, particularly for younger, tech-savvy B2C and B2B2C customers and underserved segments.
Avo has introduced numerous innovative insurance products, many of which are the first of their kind in Hong Kong or globally. By leveraging digital technology, Avo is transforming the insurance landscape, making coverage more convenient and transparent for modern consumers.
Milestones and Achievements
Asia Insurance has achieved record-breaking turnover and premium growth for four consecutive years from 2018 to 2021. Winnie accomplished this by expanding business channels, developing new brokers and agents, strengthening relationships with banks and life insurance partners, and implementing a data visualization project to enhance data-driven decision-making. She also led a major digital transformation initiative and revamped the Management Trainee program to attract and retain young talent.
Avo Insurance secured an additional insurer license in 2019 to establish Hong Kong’s first virtual general insurance company. Winnie built a strong team from scratch, ensuring all key functions, policies, and systems were in place. She defined Avo’s vision, mission, and long-term business strategy while launching a three-pronged approach for sustainable growth. Avo introduced multiple innovative insurance products to bridge coverage gaps and successfully completed its first round of fundraising to strengthen its capital base.
Staying Ahead of the Curve
Leading a mature 60-year-old company while simultaneously building a digital-first startup presents unique challenges. Winnie acknowledges that evolving customer expectations require continuous innovation.
Being customer-centric, she recognized the need to address shifting customer expectations and the demand for faster turnaround times. Constant innovation was necessary to stay ahead of the market and remain relevant.
To meet these challenges, Winnie cultivated a company culture centered on resilience, agility, and a growth mindset. She empowered her team by fostering a supportive environment where employees feel valued and motivated.
If they are keen to do their best, then business will come and clients will stay.
Driving Innovation and Digital Transformation
Winnie believes innovation is a key driver of success. She launched the Innovation Challenge to encourage employees to brainstorm new ideas for business processes and product development.
While Avo was designed from the ground up as a digital-first insurer, Winnie also led Asia Insurance through a Digital Transformation journey. Lessons learned from Avo’s startup experience have been applied to modernize Asia Insurance, integrating new technologies to enhance customer experience and operational efficiency.
We developed a huge digital transformation roadmap, and the learning at our digital startup Avo enabled us to modernize our traditional insurance business. We learned from mistakes and grew our organization by utilizing more digitalized solutions to meet the expectations of our customers.
A Visionary Leader Driving Collective Success
Winnie Wong’s impact extends beyond her businesses. She is a regular speaker at industry conferences, sharing insights on digital transformation, innovation, and the future of insurance.
Her leadership exemplifies the balance between running successful insurance companies while contributing to the broader industry. By shaping the future of insurance in Hong Kong, Winnie is ensuring business success and fostering collective growth within the industry and the community.
Apart from running thriving insurance companies simultaneously, Winnie Wong features regularly at industry conferences. This perfectly encapsulates her personality and leadership, as she not only ensures business success but also gives back to the community at large to see collective success - Shanggari Balakrishnan, Chief Executive Officer, MORS Group
