The Fast Track scheme was introduced by the IA in 2017 to provide a dedicated queue for newcomers seeking to operate solely through digital distribution channels. OneDegree is the third firm to be given a virtual insurance license through the scheme; Avo insurance, an online-only non-life insurer was the first to be granted a license through the Hong Kong IA’s Fast Track scheme back in October 2019.
“We’ve seen how technology has disrupted big industries from mobility to communication, and that transformation is happening in insurance right now,” said Alex Leung, Co-Founder of OneDegree. “At OneDegree, we recognised this emerging trend early on and, since 2016, we have been working to build our technology and ecosystems to offer a more integrated user experience.”
OneDegree plans to now launch a range of products, beginning with pet insurance, followed by health and cyber insurance products.
Commenting on the development, Clement Cheung, CEO of the IA, said: “With three virtual insurers, two in the general sector and one in the long-term sector, we are witnessing greater vitality and wider diversity in the insurtech domain. The recent Covid-19 outbreak has helped demonstrate how we can leverage technology to help cope with operational challenges.”