1107 McDonough Place, McDonough, GA 30253 Mon–Fri 10 AM–5 PM
1010Computers
404-585-6253

September 10, 2018

Hong Kong-based OneDegree gets $25.5M Series A to make coverage more accessible, starting with pet insurance

OneDegree, a Hong Kong-based insurance technology startup, announced today that it has closed a Series A totaling HKD $200 million (about $25.5 million). Half of that amount was pledged by investors to OneDegree pending regulatory approval through the Hong Kong Insurance Authority’s new fast-track licensing program for online-only insurers. The company, which participated in Cyberport, the Hong Kong government’s startup incubator, claims this is the largest ever fundraising round for a pre-revenue insurance tech startup in Hong Kong.

OneDegree is currently not disclosing its list of investors because its new shareholders are being vetted by the Insurance Authority, founder and CEO Alvin Kwock tells TechCrunch, but it includes institutional investors and family offices. The South China Morning Post reports that speculation among brokers peg Tencent and Alibaba as probable backers.

OneDegree has developed an online insurance platform that lets consumers purchase personal lines and health insurance products without needing to consult with an agent. Instead, they find and buy policies through an app that is connected to a backend that automates claims processing, policy management and customer service.

The startup will initially sell medical insurance plans for pets. While there are more than 500,000 pet dogs and cats in Hong Kong, only about 2% to 3% are covered by insurance, compared to 42% in the United Kingdom, says OneDegree. The startup blames this on ineffective distribution, since pet insurance has relatively low premiums and is therefore overlooked by insurance agents, even though the number of pet dogs and cats in Hong Kong is increasing at an average annual growth rate of 3.5% and their owners are a relatively affluent demographic.

OneDegree plans to use its Series A to on tech development, launching new products and marketing. The funding will also serve as risk capital once it launches its insurance business.

In a press statement, Cyberport chairman George Lam said “As a key driver of digital technology development in Hong Kong, we are definitely excited to see local fintech start-ups like OneDegree successfully securing recognition from renowned institutional investors and attracting sizable funding that will enable faster growth.”

Powered by WPeMatico

Need practical help?

Start with the problem your technology is causing.

404-585-6253

Start service

Choose the right service path

In-store visits can be scheduled now. Mobile and remote service begin as requests that require supervisor review before any service appointment is confirmed.

In-Store RepairChoose an available repair-center time. Completing the RepairShopr form creates a valid in-store visit appointment without waiting for staff confirmation.
Your selected time is your in-store appointment

Complete the RepairShopr booking form after choosing a time. The appointment and contact details are saved as a RepairShopr Lead so the team can find the visit when you arrive and begin customer-account and ticket entry faster.

Choose an In-Store Appointment Time

Current limitation: the hosted booking form records the selected time and contact information, but it does not currently ask for device or issue details. Please have that information ready at check-in.

Prefer to speak with someone? Call 404-585-6253.