OneDegree Hong Kong Limited (“OneDegree”), Hong Kong’s leading virtual insurer, today announces the launch of the new OneDegree Home Insurance. Following the success of its solutions for pet, fire coverage and critical illness, OneDegree further expands into new horizons to serve the mass market with its new Home Insurance. As the latest addition to OneDegree’s diversified range of insurance products, its new home insurance solution sees Hong Kong’s leading virtual insurer’s commitment to leverage technology and innovation to reduce cost and provide products with the most valued-for-money coverage. Acknowledging a real protection gap and need for inclusiveness for a diverse community, OneDegree Home Insurance taps into the underserved market by extending its policy definition of “family” to cover both traditional and LGBTQ+ families with proof of cohabitation for at least 12 months. A true commitment to protect every family equally and promulgate family protection without bias or limitations.
OneDegree’s Co-Founder Alvin Kwock said, “We believe insurance is not just protection but also a commitment to family. We recognize that families come in different forms, but ultimately every one has an inherent desire to protect their loved ones. With our new Home Insurance, we want to serve all families out there, embrace diversity and enhance the ‘sense of home’ for every family in Hong Kong.”
Launched together with OneDegree Home Insurance is a short clip that demonstrates OneDegree’s commitment to cater for the needs of traditional and LGBTQ+ families. With celebrity Kayla Wong, Yip Pui Win, Siu Sun, Keanu Tanaka and more, 10 Hong Kong-based LGBTQ+ couples were invited to share thoughts on their definition of “home”. The clip is available online on OneDegree Facebook Page: https://fb.watch/dwfFAj2xO-/.
New Home Insurance in response to the market to bridge protection gap
According to a market research conducted by OneDegree prior to the launch of its new Home Insurance, third-party liability is the key when considering a home insurance coverage while most respondents find home insurance excellent value as it offers a high level of cover for their property at an annual premium of just hundreds of Hong Kong dollars. In response to such customer needs, OneDegree Home Insurance enhances third-party liability protection in particular to offer better protection at an affordable fee – a maximum limit of HKD 15 million for third-party liability compensation with an average monthly premium just under HKD 1001.
OneDegree soft-launched its new Home Insurance in March 2022 and has learnt that there is an unmet need for insurance protection for LGBTQ+ families, therefore the product is launched to extend its coverage to cover also same-sex married couples and same-sex/opposite-sex cohabiting partners.
Fast and easy enrollment with no waiting period
As a leading insurtech company committed to innovate insurance experience with technology and data analysis, OneDegree has conducted various tests during the soft launch period to optimise customer experience and make the online enrollment process more intrusive, seamless and hassle-free. Customers can get an instant quote online with just their residential address enabled by Google address auto-fill and the saleable area, and they can easily complete the enrollment in a minute or two by providing quick personal information. The policy takes effect immediately after successful enrollment, with absolutely no waiting period.
Flexibility to remove unwanted options tailored to specific customer needs
OneDegree understands different customers have different needs. When signing up for a OneDegree Home Insurance plan, customers can easily exclude some personalized benefits which they don’t need, such as Pets Owner’s Third-party Liabilities, Home Appliances Warranty, and School Closure Compensation due to COVID-19 & Hospital Cash due to Accident at Home, and the relevant charges will be deducted from the premium accordingly, meaning they can tailor their coverage to serve their specific needs at a more reasonable premium.
Hassle-free claims experience with 5-working day guarantee
OneDegree offers a digital, paperless process for both enrollment and claims. In addition, OneDegree understands claims handling is one of the biggest area of concern among customers, and therefore guarantees to process and approve a claim within 5 working days3 upon receipt of all necessary documents. OneDegree has also greatly enhanced transparency of the claims settlement process, as customers can easily track progress through email notifications.
OneDegree Home Insurance: Key features
In addition to the basic coverage for household contents, personal accidental death and others, OneDegree Home Insurance also offers:
OneDegree celebrates the launch by offering 30% off first year's premium
OneDegree is launching a special limited-time offer for its new Home Insurance. New customers can enjoy 30% off their first year’s premium upon successful enrollment from 9 June until 10 July 2022. For more information, visit https://www.onedegree.hk/en-us/home-insurance.