In this episode, Michael Waitze talks to Alex Leung, a co-founder of Hong Kong-based InsurTech OneDegree. The Company started in 2016 as a tech enabler and has just acquired a virtual insurance license in Hong Kong as the first independent technology startup. The company today has two business models, one as a licensed virtual insurer and is working in the field of pet, health, and cyber insurance and as a technology company collaborating with insurance incumbents.
One Degree has been the pioneer in pet insurance in Hong Kong. They have proven that there is a considerable market for this segment in Hong Kong and several insurance incumbents have since joined the pet insurance vertical. Michael and Alex talk about why it takes a startup to explore new opportunities and inject innovation into the insurance industry.
Alex explains what it takes to build a fully digital insurer. Their team heavily focuses on a smooth customer journey and well developed UX and UI. Their KPI for completing a sales process for any product is less than 3 minutes. OneDegree also connects a network of partner vet clinics via a platform. Connecting vet clinics does not only allow for a smooth and transparent claims experience but also makes the life of the clinic’s employees easier.
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