Mox Bank has launched Home Cushion Insurance, a fully digital home insurance product available through the Mox app and underwritten by QBE Hongkong and Shanghai Insurance Limited. The product is available to renters, owner-occupiers and landlords in Hong Kong and consolidates building structures, home contents and third-party liability into a single policy, alongside optional cover for pet accommodation and relocation costs.

The policy is offered across three tiers (Basic, Value and Max) and provides up to HKD 1,500,000 in home contents cover and HKD 100,000 for buildings, with third-party liability of up to HKD 10,000,000. A notable feature is its replacement-as-new settlement approach, under which eligible claims on home contents are settled at full replacement cost without depreciation applied. Relocation cover extends protection simultaneously to an existing and a new home for up to 28 days, plus transit cover of up to 15 per cent of the sum insured.

The Mox Insure build-out

Home Cushion Insurance is the fourth insurance product launched under the Mox Insure banner and the third distinct product line, following Personal Accident Cushion and Travel Pick and Go. The pace of expansion, four products with QBE in roughly 12 months, reflects a deliberate strategy to extend Mox beyond core banking into wealth protection, a segment that digital banks globally have found difficult to monetise at scale. Mox acts as a licensed insurance agent (licence number GA1073) rather than the insurer itself, distributing under an exclusive agreement with QBE Hong Kong.

Philip Wong, chief commercial officer of Mox, said the bank’s customers expect managing and protecting their wealth to be “seamless, intuitive, and entirely digital”, adding that insurance should meet the same standard. Lei Yu, CEO of QBE North Asia, noted the home product was the fourth collaboration with Mox in their first year of partnership.

Market context

Hong Kong’s insurtech and embedded-finance landscape is competitive. Several digital banking licensees, including ZA Bank and WeLab Bank, have moved into insurance distribution as a way to deepen customer relationships and generate fee income beyond lending and deposits. The bancassurance model is well established in Hong Kong through traditional retail banks, meaning Mox and its virtual-bank peers are competing against entrenched distribution networks with long-standing insurer relationships.

The embedded insurance angle is where digital banks may hold a structural advantage: frictionless in-app enrolment, pre-filled customer data and no paper forms reduce drop-off at the point of sale. Whether that translates into meaningfully higher attach rates than branch-based or broker-led distribution is still an open question across the sector.

From a regulatory standpoint, Hong Kong’s Insurance Authority has been an active licensor of both insurers and insurance agents operating through digital channels. The IA Levy framework, which applies to all eligible policies, adds a small cost layer that Mox flags in its product documentation. The Financial Dispute Resolution Scheme applies to selling-process disputes, while contractual disputes are handled directly between the policyholder and QBE, a split that is standard for agent-distributed products but worth noting for customers unfamiliar with that structure.

Mox, which is backed by Standard Chartered, PCCW, HKT and Trip.com, launched in September 2020 and holds the seventh-largest credit card portfolio among Hong Kong retail banks by portfolio size, according to TransUnion data for the first half of 2026. The bank’s technology stack has also been transferred to Trust Bank in Singapore, suggesting a degree of regional export ambition beyond the insurance product itself.

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