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| OneDegree granted virtual insurance license from the Insurance Authority |
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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. |
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