OneDegree launches first pure medical pet insurance in Hong Kong, unleashing large latent demand

HONG KONG – (23 April 2020) On the back of receiving a virtual insurance license on Apr 15, OneDegree Hong Kong Limited (“OneDegree”) today launches Pawfect Care pet insurance, the first of a series of products to debut on the company’s fully digital platform. Pet owners in Hong Kong can now purchase medical plans for their pets directly on the OneDegree website and immerse in a brand-new insurance experience.

With close to half a million pet cats and dogs in Hong Kong, coupled with rising veterinary costs, Pawfect Care is well positioned to tap into the large latent demand for pet coverage. It is the first pure medical product for cats and dogs in the city, available for all breeds. Plans are simple and transparent, designed to provide coverage that is comprehensive yet focused on what really matters for pet owners and their furry friends. The Company’s proprietary digital platform offers a hassle-free experience, allowing policyholders to buy and manage policies, file claims, and get customer support from the convenience of their mobile devices. Claims are processed quickly and 90% of approved claims will be paid within two working days.

“We believe that pet owners will find our service truly helpful and our digital platform a breeze to use. Pet insurance has been an under-served segment because of relatively lower customer awareness and few products available. With the introduction of Pawfect Care, we expect to see faster market growth as more pet owners recognize the benefits that a good pet insurance plan can bring,” said Arthur Lee, Chief Executive of OneDegree.

According to a census survey[1], Hong Kong’s pet population was estimated to be 405,200 in 2018, and the actual figure is likely to be even bigger. Only about 3 percent of cats and dogs kept as pets in Hong Kong have insurance coverage, which is a much lower penetration rate than many developed markets in Europe, Japan and Australia.

“We’re living in a stressful and challenging time right now, but it has shown us the importance of digital tools and services. Despite all the uncertainties, we’re confident that the 10x better experience we’re offering will help the pet insurance market double in size very quickly, ” said OneDegree Co-Founder Alvin Kwock.

OneDegree takes an ecosystem approach to its business and actively seeks out partners to deliver the best services to our customers. In line with this strategy, the Company works with a wide network of veterinary clinics and hospitals in order to facilitate a smooth and integrated process for Pawfect Care policyholders.

Coverage of medical costs related to COVID-19 is included in Pawfect Care plans. We understand many pet owners are worried about what the novel coronavirus means for their pets, and there is still a lot we don’t know about the virus. We want to emphasize that there have been only isolated cases of pets getting sick from the virus so far and no evidence to suggest they can act as carriers. Should the situation change, Pawfect Care is here to help.

From now until 31 May 2020, pet owners can enjoy 20% off premium when purchasing a Pawfect Care policy. Please visit our website www.onedegree.hk for more details.

[1] Census and Statistics Department (2019). Thematic Household Survey Report No. 66. Retrieved from: https://www.statistics.gov.hk/pub/B11302662019XXXXB0100.pdf

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