OneDegree ("the Group") was established in 2016 to accelerate technoloigcal innovations in the insurance industry and to make insurance more accessible to everyone. The Group has operations in Hong Kong, Taipei, Shenzhen and Singapore.
Its subsidiary OneDegree Hong Kong received a virtual insurer licence from the Hong Kong Insurance Authority in April 2020. It has a multi-line digital insurance business that offers protection for pet, e-commerce, and home for individuals and businesses. The other subsidiary, OneDegree Global, is a provider of modern insurance technology solutions, which have been well-received in the industry and are adopted by leading insurers in Asia seeking to accelerate digital transformation.
OneDegree has raised over USD70 million to date, with BitRock Capital, Sun Hung Kai & Co., AEF Greater Bay Area Fund, Cyberport Macro Fund, and Cathay Venture among its investors.
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to Editors
OneDegree Business Update
B2B – highly scalable tech solutions for insurers and enterprise-grade cybersecurity solutions
- OneDegree Global's (ODG) technology solutions IXT and its modular solutions are already implemented by leading global insurers since the launch in Q3 2020. In addition, ODG has developed enterprise-grade Cymetrics cybersecurity solutions that are adopted by financial institutions, health tech and other enterprises in Asia.
- The ODG technology solutions have significantly accelerated enterprise customers' product innovations, enabling them to break-through existing system constraints, enhance operational agility and quicken new product time-to-market.
B2C – product innovation with strong market fit for consumers, demonstrated by strong customer engagement
- Within the first year of launch, OneDegree Hong Kong (ODHK) has become a multi-line insurer with a growing portfolio across pet, home and e-commerce and it has quickly achieved market leading position in pet and e-commerce insurance.
- ODHK recorded an average of 35% monthly sales growth and its strong product-market fit is demonstrated by over 90,000 paid customers to date (we believe this is the highest among the four virtual insurers in the market) and strong customer satisfaction and engagement, with over 90% of customers renewing their policies.
- For its new initiatives, ODHK will be launching digital asset insurance, a bundled insurance and technology offering for digital asset service providers, together with the Cymetrics cybersecurity solutions. ODHK also has plans to launch its health and wellness products in Q4 2021 and other general insurance products in 2022.
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