OneDegree

About OneDegree

OneDegree is a technology-centric insurance provider founded in 2016 by Alvin Kwock and Alex Leung. The company's creation was partly inspired by Kwock's personal experience with the cumbersome nature of traditional insurance claims. Kwock's background as the Asia-Pacific Head of Emerging Technology at J.P. Morgan and Leung's extensive experience in the insurance and healthcare sectors, including roles at Deloitte Consulting and the World Bank, provided a foundation to address inefficiencies in the insurance market.

The firm operates a dual business model. Its direct-to-consumer (B2C) arm, OneDegree Hong Kong, was among the first virtual insurers licensed by the Hong Kong Insurance Authority in April 2020. This subsidiary offers a range of personal and business insurance products directly to customers via a digital platform, eliminating intermediaries. The product portfolio includes coverage for pets, homes, fire, critical illness, e-commerce, and digital assets. The company's B2B division, OneDegree Global, provides enterprise-grade technology solutions to other insurers and industry partners, helping them accelerate their digital transformation. These solutions include the IXT core insurance system and the Cymetrics cybersecurity platform.

Revenue is generated through the sale of insurance policies and licensing its technology to other businesses. The company has focused on creating a seamless digital experience, with a user-friendly front-end for purchasing and managing policies and a powerful back-end system that automates processes like claims, which are often settled within a few business days. Its pet insurance, known as the "Pet CEO Plan," has been a significant driver of growth, covering a wide range of cat and dog breeds and offering features like no sub-limits and high reimbursement rates. The company has also expanded into home insurance with comprehensive plans and digital asset insurance for businesses like virtual asset exchanges and custodians. In a strategic partnership with Microsoft, OneDegree is integrating Azure OpenAI to enhance its insurtech and cybersecurity solutions, developing tools like IXT Seeble and Cymetrics Copilot to streamline insurance processes and improve digital asset protection.