OneDegree Introduces its First Product
OneDegree, the Hong Kong-based insurance technology startup that aims to be the next-generation insurance industry leader in Asia, has launched its first product named Pawfect Care, which is a line of medical plans for pets. The company is planning to introduce its other products including cyber insurance and medical coverage for humans, over the next 12 months. The platform has noted that its all products will be available completely online.
According to the records, OneDegree has raised around $30 million in Series A funding round in 2019. That round was led by BitRock Capital along with Cathay Ventures and Cyberport Macro Fund.
As per the words from Alvin Kwock, the Co-founder and CEO of OneDegree, it took the platform two years to launch Pawfect Care because of the stringent regulatory approval process required to get an insurance license in Hong Kong.
As per the company’s website, OneDegree claims that it is one of the first in Hong Kong to receive a virtual insurance license that is working with a mission to make insurance simple, transparent, and do what it was always meant to do: Protect us from the risks that come with life, big or small.
Arthur Lee, the Chief Executive of OneDegree, believes that the newly launched product will be truly helpful for the pet owners. He states, “Pet insurance has been an under-served segment because of relatively lower customer awareness and few products available. With the introduction of Pawfect Care, OneDegree expected to see faster market growth as more pet owners recognize the benefits that a good pet insurance plan can bring.”
The company has estimated that there are about half a million pet dogs and cats in Hong Kong but, only about 3% of them have medical insurance despite the high cost of veterinary care, and that’s the reason One-Degree has decided to start with pet insurance. The platform allows the pet owners to purchase medical plans, manage policies and file claims for their pets directly on the OneDegree website and through a mobile app also.
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