Oriental Watch partners YAS and QBE HK to launch luxury watch insurance service

Oriental Watch Company has joined forces with YAS Hong Kong and QBE Hong Kong launch TimeCare, a blockchain-powered luxury watch insurance service in Hong Kong.

This partnership between Oriental Watch, YAS, and QBE Hong Kong highlights their mutual commitment to innovation and customer satisfaction, the new move also redefines insurance offerings in the luxury goods market.

TimeCare combines cutting-edge technologies to provide comprehensive protection to luxury watch enthusiasts, aiming to cater to their unique needs while setting a new standard in the insurance industry, according to the release.

Equipped with a simple and streamlined application and payment process, TimeCare differentiates itself from traditional insurance policies by providing embedded insurance with purchase of a timepiece. TimeCare can securely and permanently store policy details, coverage information, watch records and warranty card details. Customers can review and share these details at their convenience.

Leveraging state-of-the-art blockchain technology that retains a detailed record of ownership and authenticity, TimeCare is also able to enhance the security, transparency, and efficiency of the claim process. This comprehensive protection is obtained through a fully digital format, ensuring a seamless and confidential experience where customers only need to complete a quick and convenient registration on the spot. 

In terms of mediums of promotion, the partnership will be promoted through media channels, ensuring widespread awareness. However, its main focus is on delivering a personalised experience at the store level. "Selected watch buyers and members of Oriental Watch Company will have the opportunity to experience the enhanced care and benefits provided by TimeCare when shopping at the stores. Our goal is to bring innovation and value to the watch industry and the insurance sector, ultimately benefiting the watch buyers," said William Lee, co-founder of YAS HK. 

Looking ahead, TimeCare aims to expand its reach and impact in the luxury watch market. The launch in Hong Kong lays the foundation for further expansion into other regions, which is also expected to inspire the industry to adopt similar programmes, that would eventually lead to further innovation in the insurance sector.

Commenting on the partnership, Dennis Yeung, chairman and managing director of Oriental Watch Holdings, noted, "TimeCare represents a significant milestone for Oriental Watch. We take pride in joining forces with YAS and QBE Hong Kong to introduce this ground-breaking insurance solution to our esteemed customers." 

Meanwhile, William Lee, co-founder of YAS, said: "Shaping the future, YAS introduces a ground-breaking blockchain insurance solution for Asia's leading watch distributor, offering comprehensive protection for luxury goods. TimeCare is more than just insurance; it represents a commitment to trust, transparency, and efficiency. By ingeniously combining the immutable nature of blockchain with the perpetual essence of time, it presents an imaginative innovation. We are not waiting for tomorrow; we are shaping the future today.”

Lei Yu, CEO of North Asia and regional head of distribution at QBE Asia, added: "TimeCare is testament to our commitment to product innovation and customer satisfaction. We are pleased to collaborate with Oriental Watch and YAS, who are leading the way for luxury watches in Hong Kong to have an associated blockchain identity – and QBE is proud to play an important role in this significant moment with them and offer protection to both brands and consumers."

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