HONG KONG (13 August 2020) – Virtual insurer OneDegree today announces that cats without microchips can now enroll in its Pawfect Care pet insurance, becoming the first pet insurer in Hong Kong to relax such a requirement. At the same time, the Company is rolling out special promotions for both cat and dog plans to encourage more pet parents to insure their beloved furry friends, and to experience what Pawfect Care has to offer.
The mandatory microchip requirement for pet insurance policies is an impediment for some cat owners, as cats are not required by law to have microchip in Hong Kong. While it is recommended that all pets have chips, as they greatly increase the chances of lost pets finding their way home, OneDegree respects the decisions of cat owners and updated Pawfect Care’s enrollment criteria so that more pets can have access to health coverage.
Arthur Lee, Chief Executive of OneDegree said: “We strive to provide the best product for pet owners by responding swiftly to feedback. After analyzing market data, our team learned that, while cat owners sought almost as many quotations as dog owners, less than 20% of Pawfect Care policies issued were for cats. As a cat owner myself, I understand what concerns other cat owners may have. By relaxing the microchip requirement, we hope pet parents will find it easier to get the medical coverage their feline friends need.”
The number of Pawfect Care policies issued in July jumped 85% month-on-month, and the company expects this pick-up in growth to continue as awareness of pet insurance improves.
Among the policies that have passed the 28-day waiting period, 1 in 4 have made claims. The average time between verification from the veterinary clinic and the claim payment to a policyholder’s bank account is one working day, with the fastest case taking only a few hours to process.
Along with the latest product enhancement, OneDegree is offering 25% off any Pawfect Care plans for both cats and dogs from now till 10 September 2020 using the promo code “PURRFECT”. Policyholders with one pet enrolled in Pawfect Care can also enjoy 40% off policies for their additional furry friends.
OneDegree is the first TechInsurer authorized to operate as a virtual general insurer in Hong Kong. OneDegree’s mission is to set new standards for insurance that put customers first. Founded in 2016, the company has raised more than US$30 million and is backed by renowned investors including BitRock Capital, Cyberport Macro Fund, and Cathay Venture. It partners with leading reinsurance companies including Munich Re and Scor Re.