OneDegree offers a user-friendly front-end application that lets consumers purchase and manage insurance policies. Its backend system supports cross-claims processing, policy management, advanced analytics, and automated customer service to replace traditional manual workflows. The platform is designed to simplify buying and administering insurance for consumers. OneDegree plans to expand into the UAE by providing digital-asset insurance-as-a-service. The company is working with Dubai Insurance to seek regulatory approval in the UAE for custody wallet insurance and related products. The article does not disclose revenue, user counts, or other financial metrics. OneDegree is a Hong Kong-based insurtech firm that develops technology-driven insurance services. The company is reported to be expanding its insurance reach across Asia. Tech in Asia describes the firm as pursuing regional growth. Financially, OneDegree has completed a second tranche of its Series B, raising US$27 million. That tranche brings the company’s total funds raised to over US$100 million, CEO Alvin Kwock told Tech in Asia. No additional operating metrics or product details were disclosed in the article. OneDegree is a Hong Kong insurance-technology startup developing an online insurance platform. The platform is designed to make buying insurance easier for consumers and providers by using data analytics to automate tedious parts of the process. The company plans to launch with medical insurance for pets once its license is approved by the Hong Kong Insurance Authority. After that launch it intends to expand into travel, cyber and human medical insurance products. OneDegree recently extended its Series A to $30 million, signaling recent fundraising momentum. Co-founder Alvin Kwock said the company aims to work with traditional insurers to steer the industry toward a fully digital ecosystem. OneDegree has built an online insurance platform and app that lets consumers purchase personal lines and health insurance products without consulting an agent, backed by a backend that automates claims, policy management and customer service. The startup will initially sell medical insurance plans for pets, targeting a market of more than 500,000 dogs and cats in Hong Kong where only about 2–3% are insured. OneDegree blames low pet insurance penetration on ineffective distribution and notes pet ownership is growing at about 3.5% annually and attracts relatively affluent owners. The company participated in Cyberport, Hong Kong’s government startup incubator. OneDegree claims its Series A is the largest-ever fundraising for a pre-revenue insurtech startup in Hong Kong. It plans to use the funding for tech development, new product launches, marketing and as risk capital once it launches its insurance business.

Total raised

$82M

Funding rounds

4

Latest round

Series B

Latest activity

Jun 2023