OneDegree granted virtual insurance license from the Insurance Authority
OneDegree, a Cyberport incubatee, just announced that it has obtained a virtual insurance license from the Insurance Authority (IA).
OneDegree is a member of the Cyberport Incubation Programme and is one of the investees of the Cyberport Macro Fund. It focuses on InsurTech development and owns proprietary systems that automate the entire production cycle from customer on-boarding to claims settlement, to enhance the efficiency of operations and reduce the cost, therefore making the insurance products more affordable and improving diversity in insurance products. OneDegree will start off by providing pet insurance, followed progressively by health insurance, and then cyber insurance for small and medium firms.
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 honoured 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.”
Congratulating on OneDegree’s new milestone, Cyberport Chairman Dr. George Lam, said, “We have witnessed OneDegree developing from a small-scale start-up with only a few employees to a fast-growing company co-operating with major insurance corporations. To see it being granted authorization to be a virtual insurer and becoming a pioneering InsurTech company in Hong Kong has truly shown us the ingenuity and tenacity of Hong Kong’s entrepreneurs and the infinite possibilities they are capable of creating. Cyberport will continue to play its role in effectively connecting start-ups with the government and regulators to foster a more favourable market environment for start-ups, and further promoting the city’s FinTech development.”
OneDegree is the third virtual insurer in Hong Kong being granted authorization under IA’s Fast Track scheme, along with Bowtie and Avo Insurance which received their virtual insurance licenses earlier, which are also Cyberport companies. Home to Hong Kong’s largest FinTech ecosystem, Cyberport brings together nearly 400 FinTech companies, covering InsurTech, personal finance, payment systems, digital currency, as well as institutional investments.