OneDegree, the Hong Kong-based insurance technology start-up, released its very first product today, a line of medical plans for animals called Pawfect Care. The company will present other items, including cyber insurance coverage and medical protection for humans, all available completely online, over the next 12 months.
Founded in 2016, OneDegree raised$30 million in Series A funding last year, and its financiers consist of BitRock Capital, Cyperport Macro Fund and Cathay Ventures. Co-founder and CEO Alvin Kwock informed TechCrunch that it took OneDegree 2 years to introduce Pawfect Care since of the rigid regulatory approval process required to get an insurance coverage license in Hong Kong. The first 2 virtual insurance coverage licenses provided by Hong Kong’s Insurance Authority went to companies owned by existing insurance companies (Sun Life’s Bow Tie and Asia Insurance’s Avo), in an effort to encourage more tradition gamers to go digital. OneDegree was the very first independent insurer to start online to be granted a license.
OneDegree will slowly introduce cyber and human medical insurance coverage strategies over the next year. Kwock said the COVID-19 pandemic has actually created a “paradigm shift,” since in person activities have actually declined significantly, and the Insurance coverage Authority is now issuing new virtual insurance coverage licenses and permitting more items to be sold online.
The company decided to begin with family pet insurance coverage since the company estimates that despite the fact that there are about half a million pet canines and felines in Hong Kong, only about 3% of them have medical insurance coverage in spite of the high cost of veterinary care. OneDegree lets clients purchase and handle policies and file claims through a mobile app. It says that about 90% of approved claims will be paid within 2 working days.
In action to the pandemic, Pawfect Care’s animal insurance coverage includes protection of medical costs associated with COVID-19. OneDegree emphasizes that there have actually only been a couple of known cases of pets evaluating favorable for the virus up until now and no evidence of them acting as carriers so far, however added the protection for consumers’ peace of mind.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.