Once part of Hong Kong Government’s Cyberport tech incubation programme, OneDegree has now been granted virtual license to sell non-life insurance products
OneDegree, an insurtech firm, has secured virtual insurance license from the Hong Kong Insurance Authority under the Fast Track scheme.
Founded in 2016, OneDegree is the first independent technology company in Hong Kong to offer non-life insurance directly to customers entirely through a digital platform.
OneDegree was one of Hong Kong Government Cyberport’s tech incubation programme. The firm is financially backed by investors such as BitRock Capital and Cathay Venture.
OneDegree to launch non-life insurance products
At present, the firm plans to offer pet insurance, followed by health, travel, cyber and other insurance products to be launched in the coming months.
OneDegree co-founder Alvin Kwock said: “We were right there at the conceptual phase of “Fast Track” scheme, working closely with the IA on shaping the future of InsurTech in Hong Kong.
“Today, we are honoured to receive this virtual insurance license, operating as an independent technology company to provide insurance through digital channels.
“OneDegree is coming into this space afresh, with the singular focus of harnessing technology to transform insurance and deliver the best value for customers.”
The firm uses in-house technology to drive product development and increase the efficiency of insurance operations, offering an enhanced digital experience to meet customer needs.
OneDegree claims to take an ecosystem approach to business and works with partners such as veterinary clinics, hospitals and other service providers across the value chain to offer better services to its customers.
The firm further stated that its insurance platform requires no paperwork. A customer can quote, buy a policy and make claims easily from a laptop or a mobile phone. 90% of its claims will be paid in two days.
Furthermore, it claims that the plans are simple and transparent, while offering maximum protection to customers.
OneDegree CEO Arthur Lee said: “We can respond much faster to new trends and changes in consumer demands, compared with our peers. Our cost-efficient model also allows us to create innovative products to address protection gaps in the market – pet insurance being one example.
“Ultimately, consumers will be the biggest beneficiary of digital transformation as technology brings more convenience and choices.”