HK startup to offer pet insurance online
OneDegree, a Hong Kong-based online insurance startup, said it has closed a Series A funding round, led by major insurers and technology firms.
Under the arrangement, OneDegree will initially get HK$100 million in funds, followed by another HK$100 million later pending approval of its digital insurer license application from the Hong Kong Insurance Authority.
The funds will be used for technology development, marketing and product development, and as insurance reserve.
OneDegree plans to launch its product within this year. The longer term plan is to expand outside Hong Kong in 3-5 years.
Established in 2016, OneDegree's platform allows customers to buy and manage their policies online, either through computers or smartphones, without the need to consult with an agent.
The startup will begin with medical insurance plans for pets.
OneDegree noted that there were about half a million pet dogs and cats in Hong Kong in 2016, and that only 2-3 percent of them had been covered by insurance.
Co-founder Alvin Kwok, a former JPMorgan banker, told the Hong Kong Economic Journal that traditional insurance firms have rather complex sales and claims procedures. Given the high costs involved, it's difficult for them to offer products in niche segments like pet insurance.
In the US and Europe, some online insurers are applying artificial intelligence technology to simplify the process, leading to a situation where it would take just 15-20 people to operate such platforms.
RT/RC
-
Why Hong Kong is the ideal place to resolve commercial disputes Sherlin Tung
Hong Kong remains a leading commercial hub for cross-border transactions, particularly involving Mainland China. With an established and trustworthy English-Chinese bilingual legal system as well as
-
HK investor proposes new cities abroad for thousands of migrants Mark O'Neill
A Hong Kong asset manager has proposed building “International Charter Cities” (ICCs) in western countries to receive hundreds of thousands of Hong Kong people who want to emigrate. Ivan Ko (高廣垣) is
-
Principled prosecutor Neville Sarony
The role of the Director of Public Prosecutions is little understood both in the public and, I suspect, in government circles. Though the DPP is a government appointee, the responsibility is to the
-
Local universities help foster financial technology development Dr. Winnie Tang
According to Hong Kong Monetary Authority’s study titled Reshaping Banking with Artificial Intelligence released at the end of last year, many banks in Hong Kong have adopted or plan to adopt
-
A fictitious movie about HK under Beijing’s thumb becomes fact Michael Chugani
Fiction is becoming fact in Hong Kong. It was supposed to take ten years but has taken only five. When the Hong Kong-produced movie Ten Years came out in 2015, I found it entertaining but implausible.
Principled prosecutor
HK investor proposes new cities abroad for thousands of migrants
How Visa enables open innovation with fintech partners
Local universities help foster financial technology development
How to close America’s COVID-19 testing deficit
Why Hong Kong is the ideal place to resolve commercial disputes
