OneDegree launches first pure medical pet insurance in Hong Kong

On the back of receiving a virtual insurance license on Apr 15, OneDegree has launched Pawfect Care pet insurance, the first of a series of products to debut on the company’s fully digital platform.

It is the first pure medical product for cats and dogs in the city, available for all breeds. Plans are simple and transparent, designed to provide coverage that is comprehensive yet focused on what really matters for pet owners and their furry friends. The company’s proprietary digital platform offers a hassle-free experience, allowing policyholders to buy and manage policies, file claims, and get customer support from the convenience of their mobile devices. Claims are processed quickly and 90% of approved claims will be paid within two working days.

“We believe that pet owners will find our service truly helpful and our digital platform a breeze to use. Pet insurance has been an under-served segment because of relatively lower customer awareness and few products available. With the introduction of Pawfect Care, we expect to see faster market growth as more pet owners recognize the benefits that a good pet insurance plan can bring.” – Arthur Lee, Chief Executive of OneDegree.

According to a census survey, Hong Kong’s pet population was estimated to be 405,200 in 2018, and the actual figure is likely to be even bigger. Only about 3 percent of cats and dogs kept as pets in Hong Kong have insurance coverage.

“We’re living in a stressful and challenging time right now, but it has shown us the importance of digital tools and services. Despite all the uncertainties, we’re confident that the 10x better experience we’re offering will help the pet insurance market double in size very quickly.” – OneDegree Co-Founder Alvin Kwock.

Coverage of medical costs related to COVID-19 is included in Pawfect Care plans, and the company will work with veterinary clinics and hospitals to reach policyholders.

Finally, from now until May 31, 2020, pet owners can enjoy 20% off premium when purchasing a Pawfect Care policy.