HONG KONG – (18 June 2020) Just two months since its launch, OneDegree today announces significant enhancements to Pawfect Care, Hong Kong's first pure medical pet insurance. The short time it took to release enhanced features demonstrates the power of a digital insurer to promptly respond to market feedback.
Since Pawfect Care launched in April, we have received more than 10,000 quotation requests through our website, as well as many enquiries from interested pet parents. Acting quickly on their feedback, OneDegree is raising the enrollment age limit and expanding clinic coverage, effective from today.
By increasing the enrollment age limit from 8 years old to 11 years old, Pawfect Care will accept more senior pets and continue providing health coverage in their later years. Starting today, pet cats and dogs between 13 weeks and 11 years old are eligible to apply for coverage, making OneDegree the first pet insurance provider in Hong Kong that accepts pets over 8 years old. Once enrolled, pets can enjoy lifelong coverage as there is no age limit on renewal.
Previously, Pawfect Care policyholders could claim back 90% of eligible expenses incurred at clinics and hospitals within OneDegree’s vet network. From today, coverage will be expanded to all registered vets in Hong Kong. The reimbursement rate for expenses at clinics in OneDegree’s network (“network clinics”) remains the same, at 90%. For other clinics (“non-network clinics”), policyholders can now receive reimbursements up to 70% of eligible expenses.
“The fact that we’re able to increase the scope of our coverage in less than 2 months is a testament to the power of insurance technology. As a TechInsurer, we can implement changes much faster than a traditional insurer, thanks to our agile core insurance platform. We’ll continue to take feedback very seriously, so we can ensure Pawfect Care is catering to the true needs of pets and their pet parents,” said Arthur Lee, Chief Executive of OneDegree.
Pawfect Care plans are simple and transparent, designed to provide medical coverage that is comprehensive yet focused on what really matters for pet parents and their furry friends. All cat and dog breeds are eligible for enrollment, and it is the only pet insurer in town that does not impose sublimits. Policyholders can file claims easily from the convenience of their mobile devices, and they can expect 90% of verified claims to be paid within two working days.
With the help of market feedback, the company will continue to enhance its product so it can truly have a positive impact on pets and their families. For pet owners who are interested in pet coverage, OneDegree has a free trial promotion starting today until July 19. The first 500 eligible pet owners to sign up using the promo code “3FORFREE” will get 3 months of insurance coverage free for their pets. Please visit our website www.onedegree.hk for more details.
OneDegree is the first TechInsurer authorized to operate as a virtual general insurer in Hong Kong. OneDegree’s mission is to set new standards for insurance that put customers first. Founded in 2016, the company has raised more than US$30 million and is backed by renowned investors including BitRock Capital, Cyberport Macro Fund, and Cathay Venture. It partners with leading reinsurance companies including Munich Re and Scor Re. For more details, please visit www.onedegree.hk.
OneDegree Hong Kong Limited
Contact person: Tracy Tou
Telephone: +852 2886 8839