OneDegree marks one year since launch, reflecting on achievements and celebrating with special anniversary offers
OneDegree Hong Kong celebrates the first anniversary of its business launch. Over the past year, the company has stayed true to its vision of reshaping the insurance industry through technology and innovation. Pawfect Care pet insurance has quickly gained market share with several first-in-market features, and we are now serving more customers through our fire, e-commerce and cyber protection as we transition into a multi-line insurer.
The past year has seen a paradigm shift. We witnessed an accelerated shift in adoption of digital applications and platforms, while the company continues to identify areas of the market we can effectively serve. Here is our first year in numbers:
- Number of Pawfect Care policies averaged 84% monthly growth; we expect to reach our one-year target of 10,000 policies within the second quarter.
- Our fire insurance is now accepted by the top mortgage banks in Hong Kong, together accounting for over 70% of the fire insurance market.
- In addition to our own insurance products, OneDegree Hong Kong also partners with leading e-commerce and logistics firms to provide domestic and overseas parcel protection; their customers can now get coverage that is 40x greater than what was previously available.
- We have fulfilled our pledge to settle 90% of approved claims within 2 working days; we are currently handling several hundred claims every week. There has not been any disruption in our claims processing despite our office’s work-from-home arrangement amid the pandemic as our process is paperless.
Arthur Lee, Chief Executive Officer of OneDegree Hong Kong, said: “To go from nil to an operating insurer in a well-established market within a year is a monumental achievement. Following the launch of new products and growing brand awareness, we have issued more policies in the first 4 months of 2021 than we did in all of 2020."
Alvin Kwock, Co-Founder of OneDegree Hong Kong, said: “In the coming year, we plan to continue to develop innovative technology applications to upgrade our existing products and enter new markets like human medical and digital asset protection. We expect to see triple-digit growth in number of customers served (both through OneDegree Hong Kong products and partnerships). We also plan to double down investments in Research & Development and to raise market awareness of digital insurance.”
From now until 30 April 2021, customers can now enjoy an additional 10% off Pawfect Care policies and 10% rebate on fire insurance using the offer code “HAPPYONE” during policy purchase. New and existing customers who become policyholders of both products during the promotion period will receive an Apple AirTag as a special gift. We are also running anniversary giveaways on our Facebook page. Please visit our Facebook page, www.facebook.com/onedegreehk, for more details.
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