OneDegree reports tenfold growth as it celebrates second anniversary

The firm’s total sum insured amounted to $1.07b.

OneDegree celebrated its second year anniversary with a tenfold growth, reporting a sum of $1.07b of total insured amount as of March 2022.

In the first quarter of 2022, OneDegree has seen a strong sales growth rate of 39% despite a fifth wave of COVID-19 outbreak in Hong Kong.

The Hong Kong digital insurer has continued to be a market leader in pet insurance with its “Pawfect Care” insurance product, with policyholders buying multiple covers for their pets tripling.

Following the success of its pet insurance, parcel protection for e-commerce and fire insurance in the first 12 months of operation, OneDegree launched its first critical illness insurance in late 2021 and home insurance in the first quarter of 2022.  Since its launch in 2021, OneDegree’s Critical Illness Insurance “InfiniCare” has been particularly popular among the younger generation. At present, customers aged 25 to 34 make up the largest share, at more than 60%, of its policyholders, among which more than 70% are men. 

From November 2021 to February 2022, the page views for searching around critical illness coverage on OneDegree’s website continued to soar, and such number of page views in February 2022 alone surpassed the total number of page views in 2021.

According to OneDegree co-founder Alvin Kwock, they are now looking to expand further by growing their manpower to 300 this year from 180.

“Looking forward, we will continue to introduce a more diverse range of insurance products leveraging technology and innovation, in the hope of bringing about a revolution to transform the mainstream insurance market,” Kwock said.

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