OneDegree obtains virtual insurance license to become the first TechInsurer in Hong Kong
HONG KONG – (15 April 2020) OneDegree Hong Kong Limited ("OneDegree” or “Company”) announces today that it has been granted a virtual insurance license by the Hong Kong Insurance Authority (“IA”), becoming the first independent technology company in Hong Kong to offer non-life insurance directly to customers through an entirely digital platform. This virtual insurance license is granted under the IA’s “Fast Track” scheme that was launched in 2017 to promote the development of InsurTech in Hong Kong.
OneDegree is a full-stack TechInsurer that has built its own digital platform from scratch to support the entire insurance process. The Company leverages its proprietary technology to drive product innovation and increase the efficiency of insurance operations, delivering enhanced digital experience and value that match today’s customer needs and expectations. OneDegree takes an ecosystem approach to its business and works with partners including veterinary clinics, hospitals and other service providers across the value chain in offering the best services to our customers. The Company will soon be launching a range of products – its first product will be pet insurance, followed by health and cyber insurance products and more.
Alvin Kwock, Co-Founder of OneDegree, said: “We were right there at the conceptual phase of “Fast Track” scheme, working closely with the IA on shaping the future of InsurTech in Hong Kong. Today, we are honored to receive this virtual insurance license, operating as an independent technology company to provide insurance through digital channels. OneDegree is coming into this space afresh, with the singular focus of harnessing technology to transform insurance and deliver the best value for customers.”
Alex Leung, Co-founder of OneDegree, said: "We’ve seen how technology has disrupted big industries from mobility to communication, and that transformation is happening in insurance right now. At OneDegree, we recognized this emerging trend early on and since 2016, we have been working to build our technology and ecosystems to offer a more integrated user experience."
"We can respond much faster to new trends and changes in consumer demands, compared with our peers. Our cost-efficient model also allows us to create innovative products to address protection gaps in the market – pet insurance being one example. Ultimately, consumers will be the biggest beneficiary of digital transformation as technology brings more convenience and choices," said Arthur Lee, Chief Executive of OneDegree.
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