OneDegree delivers H1 2022 revenue that exceeds full-year 2021 results
(Hong Kong – 25 July 2022) As an industry-leading insurtech company, OneDegree Group has maintained the growth momentum it has achieved in 2022 and continued to cater to the needs of both individual and business customers by leveraging its product innovation and cutting-edge technology. Despite the persistently challenging market environment with the fifth wave of COVID-19 outbreak, OneDegree Group has made strong growth in its business areas with its H1 2022 revenue exceeding the full-year revenue of 2021 and a tripled year-on-year sales growth.
OneDegree Hong Kong Limited (“OneDegree”), a subsidiary of OneDegree Group, has also sustained its quarterly growth momentum in the past two years. In the second quarter of 2022, OneDegree delivered a record sales growth rate of 40%. The total number of new policies (including both individual and business customers) soared in the first half of 2022 with an increase of 48% compared to the second half of 2021, meaning also a leap of 160% year-on-year growth.
Innovative insurance products with better coverage for individual consumers
OneDegree is committed to providing simpler, faster insurance products with more comprehensive coverage through technology. Consumers can enjoy better protection at a more reasonable cost by purchasing OneDegree’s commission-free virtual insurance products directly online. Since its establishment in April 2020, OneDegree has been identifying customer pain points to launch a wide range of targeted products to address market needs. From pet to fire, critical illness to home, OneDegree’s products have been well received in the market.
· The “Pawfect Care” pet insurance covers more than 90 dog breeds and nearly 60 cat breeds. With both domestic cats and dogs among the top three most popular breeds, pet insurance is widely accepted among pet owners who consider their furry friends as members of the family.
· OneDegree’s fire insurance has experienced a rapid growth, up 230% year over year. While some insurers in the market may charge up to 0.15% of the sum insured for fire coverage, OneDegree offers a fixed premium rate of 0.03% across residential properties of all types to help homeowners save up to 80% in policy premiums every year, providing a better value-for-money protection to customers.
· The “InfiniCare” critical illness insurance has been particularly popular among the younger generation. At present, customers aged 25 to 34 make up the largest share,at more than 60%, of its policyholders, among which more than 60% are men. One of the potential reasons behind such phenomenon is the growing health consciousness especially among the younger generation during the pandemic which alters consumer behaviour.
· OneDegree values customer experience with its claim service guarantee. Take for example, its “Pawfect Care” pet insurance. In the last six months (January to June 2022), the average time required to process and complete a claim was less than 4 working days, even during the fifth wave of COVID-19 when we adopted a work-from-home practice.
Newly-launched home insurance well received in the market with extended coverage serving a diverse community
In June 2022, OneDegree launched its home insurance with extended coverage to serve a diverse community including domestic partners and same-sex married couples. Comparing figures 30 days before and after the launch, the launch had significantly driven growth and performance of our home insurance product with a leap of 129% in OneDegree’s website page views, 186% in the number of new policies, and 188% of total premium. Following the launch, a social media video featuring LGBTQ+ couples expressing thoughts around their definition of “home” was released and the number of aggregated views has reached over 4.6 million according to the Admango source. To date, customers aged 31 to 35 make up the largest share of the home insurance’s policyholders, and the top 3 residential locations are Sha Tin, Tuen Mun and Sai Kung.
Sharing fruitful results with employees: consumption voucher cash match cum family staycation
In recognition of the team’s support and hard work, OneDegree will offer its employees a HK$5,000 cash reward, matching the amount of the government consumption voucher to be disbursed in August. In addition, OneDegree will also offer family staycation to Hong Kong team members so that they could enjoy a vacation with their families. OneDegree has also introduced a 4.5-day work week per month in its Hong Kong office. Staff can enjoy a half-day off every month and they can choose any working day they prefer in the month. OneDegree has also introduced flexible working arrangements since January this year allowing team members to work from home two days a week. With such policies, OneDegree helps staff members maintain a healthy work-life balance and deliver higher productivity with motivation.
The world’s first licensed insurer to offer digital asset insurance, which serve as the main drive of B2B business growth
OneDegree Group is actively scaling up its B2B business. Currently, OneDegree Group offers digital asset insurance, IXT insurance technology solutions, Cymetrics cybersecurity solutions, and protection for e-commerce.
· Early this year OneDegree entered into a strategic partnership with Munich Re to launch OneInfinity, a digital asset insurance product, making OneDegree the first licensed insurer in the world to collaborate with a global leading reinsurer in offering digital asset insurance. In addition, OneDegree partnered with companies around the globe by offering OneInfinity digital asset insurance and Cymertrics cybersecurity solutions.
· Hong Kong was one of the first markets to launch virtual insurance regimes in the world, and OneDegree quickly took the leading position in the virtual insurance market, leveraging our proprietary core insurance technology IXT. Now with similar online insurance licensing regimes rolling out in South East Asia, OneDegree has been approached by over a dozen of licence applicants who count on our IXT solutions with strong and proven scalability to establish their online insurance platform and drive product innovations. These organizations include large financial holdings, insurers and well-known start-ups.
Alvin Kwock, OneDegree Group’s Co-Founder, said, “We are delighted to witness a satisfactory performance in the first half of 2022. I would like to take this opportunity to thank our team and to share the fruitful results together. In the first half of 2022, we have introduced our home insurance and digital asset insurance and both have been well received by our customers. It has been over two years since COVID-19 became a pandemic, but it does not affect our operation much. Thanks to our reliable, easy-to-use digital platform, consumers can easily buy coverage online and enjoy our insurance and claims services around the clock without an agent. We will continue to bring exceptional customer experience and accelerate the development of our insurance products with our technology and innovation.”
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