Homegrown next generation insurer OneDegree Hong Kong announces today it has achieved its 10,000-policy goal for its Pawfect Care pet insurance in the second quarter of 2021, securing its position as a market leader.
Before Pawfect Care's launch in April 2020, it was estimated only 2 to 3 out of every 100 pet cats and dogs in Hong Kong are covered by insurance. The arrival of Pawfect Care – with its innovative features and fully digital experience – revealed significant latent demand for pet medical coverage and encouraged healthy competition in the market. As of the end of June, Pawfect Care’s renewal rate is over 90%, signaling strong customer satisfaction.
OneDegree Hong Kong’s Chief Executive Officer Arthur Lee said: “Pet insurance has been available in Hong Kong for more than a decade, but many pet parents didn’t even know such a product existed. Pawfect Care made a splash with its unique features not offered by other insurers, a streamlined process, and a bold and user-friendly design. We set out to create a product that customers will love and change the way they see insurance, and I think we’ve achieved that.”
“We'll continue to improve Pawfect Care, making it easier and faster for pet parents to use. We also plan to introduce new products in the coming year, including medical coverage for humans, which will bring the same innovative and loveable experience to more insurance customers,” Mr. Lee added.