OneDegree
OneDegree is a Hong Kong-based virtual insurer offering digital pet, home, fire, and critical illness insurance to consumers, plus digital asset and cyber insurance for enterprises across Asia and the Middle East.
- Company typePrivate
- Founded2020
- HeadquartersKwun Tong, Hong Kong SAR China
- Headcount101–250
- GTM typeB2B and B2C
- OfferingServices
What OneDegree does
OneDegree is a Hong Kong-based virtual insurer licensed by the Hong Kong Insurance Authority, founded in 2016 and operating through its legal entity OneDegree Hong Kong Limited. The company sells directly to consumers via a self-serve digital platform, offering pet insurance (including the proprietary Pet CEO Plan® and specialized turtle/tortoise/bird coverage), home contents and home appliances warranty insurance, fire insurance, and critical illness insurance, supported by the PawBook mobile app for pet health management. Distribution is entirely direct-to-consumer, with quotes, enrollment, and claims filed online and reimbursed within approximately two working days.
The product portfolio has expanded beyond retail into enterprise lines, most notably OneInfinity digital asset insurance and cyber insurance, which are distributed through regional partners including Dubai Insurance (UAE), Walaa (Saudi Arabia), and BitGo (Japan). OneDegree also markets TheIXT, a modular core insurance system platform sold to enterprise and business partners for digital insurance infrastructure. Revenue mechanics are primarily recurring monthly or annual subscription premiums on the consumer side and enterprise premiums plus B2B platform revenue on the enterprise side.
Capital structure is private and venture-backed, with approximately US$85 million disclosed across a 2019 Series A, a 2021 Series B, and a 2023 Series B extension, plus at least US$10 million of HSBC venture debt and strategic investments from Hailstone Labs and Dubai Insurance. The company employs 101–250 staff and is led by co-founders Alvin Kwock and Alex Leung. Headquartered in Kwun Tong, Hong Kong, OneDegree is pursuing an explicit international expansion thesis anchored on digital asset and cyber insurance across Asia and the Middle East.
OneDegree firmographics
Firmographics- Name
- OneDegree
- Legal name
- OneDegree Hong Kong Limited
- Website
- https://onedegree.hk
- Company type
- Private
- Founded year
- 2020
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- OneDegree is a Hong Kong-based virtual insurer offering digital pet, home, fire, and critical illness insurance to consumers, plus digital asset and cyber insurance for enterprises across Asia and the Middle East.
- Ownership category
- akta.pro rank
OneDegree industry classification
Industry- Product category
- Digital Insurance
- NAICS
- Direct Insurance (except Life, Health, and Medical) Carriers (52412), Direct Life, Health, and Medical Insurance Carriers (52411), Insurance Carriers (5241)
- SIC
- Insurance Carriers, Nec (6399), Fire, Marine & Casualty Insurance (6331), Accident & Health Insurance (6321)
- akta.pro primary industry
- Pet Insurance (FSAJAKAG)
- akta.pro secondary industries
- Property Insurance (Homeowners, Renters & Commercial Property) (FSAJAKAH), Specialty & Excess/Surplus Lines (E&S) (FSAJAKAI)
Keywords
Where OneDegree is headquartered
LocationHeadquarters
- HQ city
- Kwun Tong
- HQ country
- Hong Kong SAR China
- HQ region
- Asia
Offices1 record
Markets served
OneDegree business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Retail Insurance Premiums: OneDegree generates revenue through subscription-based insurance premiums from individual consumers purchasing pet, home, fire, critical illness, and turtle/tortoise/bird insurance products. Premiums are billed monthly or annually depending on the product.
- Enterprise / B2B Insurance Solutions: Revenue from enterprise clients including cyber insurance, digital asset insurance, and the Core Insurance System (TheIXT) sold to business partners and corporate entities.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Pet CEO Plan - Select Plan: HK$209/month |
| Subscription | Monthly | Pet CEO Plan - Prestige Plan: HK$396/month |
| Subscription | Monthly | Home Insurance: From HK$98/month |
| Subscription | Annual | Fire Insurance: From HK$400/year |
| Subscription | Monthly | Critical Illness Insurance: From HK$3/month |
| Subscription | Annual | Turtle, Tortoise & Bird Insurance: HK$2,988/year |
Go-to-market motion1 record
Distribution channels5 records
Marketing channels5 records
OneDegree product offering
Product offeringCore offering
OneDegree is a Hong Kong-based virtual insurer selling consumer insurance products (Pet CEO Plan, Home, Fire, Critical Illness, Turtle/Tortoise/Bird, Home Appliances Warranty) and enterprise insurance solutions (Digital Asset Insurance via OneInfinity, Cyber Insurance) directly online. The company also licenses its core insurance technology platform (TheIXT) to corporate partners and operates the PawBook pet health app for customer engagement.
Product overview
OneDegree is a Hong Kong-based virtual insurer holding a license from the Hong Kong Insurance Authority. The company offers a comprehensive portfolio of consumer and enterprise insurance products through technology-driven platforms. Consumer offerings include Pet Insurance (Pet CEO Plan), Home Insurance, Fire Insurance, and Critical Illness Insurance as core products, with specialized offerings for exotic pets (Turtle/Tortoise/Bird Insurance) and home appliances. The company also operates B2B enterprise solutions including Digital Asset Insurance (OneInfinity), Cyber Insurance, and the Core Insurance System (TheIXT) platform. Supporting the consumer products is the PawBook mobile application for pet health management. The ecosystem combines direct-to-consumer digital insurance with enterprise infrastructure services, enabling both individual protection and business partnership solutions.
Differentiator
Problem solved
Functional benefit
Brands
- OneInfinity: Digital asset insurance brand offering custodial risk insurance and related services for digital assets.
- PawBook (陪胖日記)
- Pet CEO Plan
Products and services
- Pet Insurance (Pet CEO Plan) Insurance product covering dogs, cats, turtles, tortoises, and birds for individual pet owners in Hong Kong. The Pet CEO Plan offers up to HK$100,000 annual medical coverage, 90% reimbursement at network vets, no sublimits, lifetime chronic illness coverage for pets enrolled before age 4, and a cancer cash benefit.
- Home Insurance Insurance product for Hong Kong homeowners covering home structure, contents, and personal liability, with up to HK$15 million in coverage, protection during renovations, and pet owner third-party liability.
- Fire Insurance Insurance product covering building structure for properties aged 50 or below in Hong Kong. Sum insured ranges from HKD 500,000 to HKD 50,000,000, with minimum premium at HKD 400/year and coverage for fire, flood, lightning, and explosion.
- Critical Illness Insurance Insurance product for Hong Kong individuals covering up to 62 critical illnesses with unlimited total claims under the Infinity Plan, no survival period required, and equal protection for people living with HIV.
- Turtle, Tortoise & Bird Insurance Specialized insurance for owners of 68 bird types and 53 turtle/tortoise species. Accepts pets aged 1-10, with up to 20 vet visits per year, surgery coverage up to HK$20,000 per year, and 50% reimbursement rate.
- Home Appliances Warranty Insurance Consumer warranty insurance covering 14 major home appliances, sold as part of OneDegree's Home insurance product family.
- Digital Asset Insurance (OneInfinity) Enterprise insurance product covering custodial risk for digital assets and cryptocurrency held by institutions. Offered through the OneInfinity brand in partnership with Dubai Insurance in the UAE and Walaa in Saudi Arabia.
- Cyber Insurance Enterprise cybersecurity insurance product for businesses, providing coverage against cyber risks and supporting OneDegree's international expansion in digital insurance services.
- PawBook Mobile App Consumer-facing mobile application that lets pet owners capture daily moments, manage pet health data, and access free online vet consultations. Available on iOS and Android via the OneDegree app link.
- Core Insurance System (TheIXT) Enterprise B2B core insurance system platform sold to corporate partners and insurers, enabling digital insurance infrastructure for third-party businesses that want to launch and operate digital insurance products.
- Business Solutions Enterprise offering bundling Core Insurance System integration, corporate insurance products, and partnership enablement for business clients and corporate partners seeking digital insurance solutions.
Quantifiable outcome
- Up to 90% reimbursement rate on eligible veterinary expenses at network vets
- +3 more outcomes
Companies that use OneDegree
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles5 records
OneDegree technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
OneDegree partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core.
- BitGocoreBitGo partners with OneInfinity by OneDegree for digital asset custody risk management in Japan, expanding OneDegree's digital asset insurance offerings into the Japanese market.
- Walaa (Saudi Arabia)coreOneDegree partnered with Saudi Arabia's Walaa for digital asset insurance, expanding its footprint in the Middle East market alongside the Dubai Insurance partnership.
- Dubai InsurancecoreDubai Insurance invested in OneDegree and partnered to offer digital asset insurance in Dubai, UAE. The partnership targets over 100 clients, aiming to account for about half of OneDegree's total business by 2024.
Scale indicators3 records
Recent moves6 records
Expansion highlights5 records
OneDegree competitors and assessment
Company assessmentDirect peers
- Bowtie Life Insurance: Hong Kong's first virtual insurer licensed by the HK Insurance Authority, offering direct-to-consumer health and life insurance online. Most directly comparable peer to OneDegree by jurisdiction, regulatory model, and digital-first GTM.
- ZhongAn Online P&C Insurance: China-based digital-first P&C insurer founded as a JV between Alibaba, Tencent, and Ping An. Operates a similar multi-product digital insurance model in pet, health, and consumer lines across Greater China, making it the closest Asian structural peer.
- Lemonade: US-listed AI-driven digital insurer selling renters, homeowners, pet, and life insurance direct-to-consumer via a fully self-serve app. Directly comparable on digital-first, app-based, multi-product consumer insurance model.
- Trupanion: US-listed pet medical insurance company offering lifetime coverage for dogs and cats with direct vet-billing reimbursement. Closest direct peer to OneDegree's Pet CEO Plan on product design and reimbursement-led claims experience.
Broad incumbents
- FWD Group: Hong Kong-headquartered pan-Asian insurance group offering life, health, and general insurance across multiple markets. Comparable multi-line, multi-jurisdiction insurance business with significant HK presence, though distributed through more traditional channels.
- AIA Group: Hong Kong's dominant life and health insurer with the largest agency force in HK. The entrenched incumbent against which any HK-based insurer (including OneDegree) must compete for consumer share.
- Prudential plc: One of Hong Kong's largest life and health insurers with deep distribution and brand. Represents the established incumbents competing with OneDegree in critical illness and broader consumer insurance in HK.
Emerging players
- Embrace Pet Insurance: US-based pet insurance provider offering customizable accident and illness coverage with high reimbursement limits. Comparable to OneDegree on differentiated pet product structure and reimbursement-led positioning.
- Coincover: UK-based digital asset protection and insurance provider for crypto custodians and exchanges. Directly comparable to OneDegree's OneInfinity line on digital asset custody risk insurance technology and customer base.
Others
- Covercube: Hong Kong-headquartered embedded insurance platform offering core insurance infrastructure technology. Comparable to OneDegree's TheIXT core insurance system offering for digital insurance infrastructure partnerships.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks5 records
Key highlights7 records
Customer concentration
OneDegree social profiles
Digital presenceOneDegree compliance and trust
Trust signalCompliance1 record
OneDegree financial estimates
Financial estimateRevenue estimate
Valuation estimate
OneDegree leadership team
Management profileNumber of profiles
Profiles2 records
OneDegree subsidiaries and ownership
Company hierarchySubsidiaries3 records
OneDegree funding detail
Funding detailFunding overview
Funding rounds6 records
Investors8 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
OneDegree M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about OneDegree
What does OneDegree do?
OneDegree is a Hong Kong-based virtual insurer selling consumer insurance products (Pet CEO Plan, Home, Fire, Critical Illness, Turtle/Tortoise/Bird, Home Appliances Warranty) and enterprise insurance solutions (Digital Asset Insurance via OneInfinity, Cyber Insurance) directly online. The company also licenses its core insurance technology platform (TheIXT) to corporate partners and operates the PawBook pet health app for customer engagement.
Is OneDegree a public or private company?
OneDegree is a private company. It is classified as venture growth investor backed and is currently operating.
When was OneDegree founded?
OneDegree was founded in 2020. It employs 101 to 250 people.
Where is OneDegree based?
OneDegree is headquartered in Kwun Tong, Hong Kong SAR China, in the Asia region.
How does OneDegree make money?
Two revenue lines are on record. Retail Insurance Premiums are the primary driver. The others are enterprise / B2B Insurance Solutions.
Who are OneDegree's main competitors?
Direct peers on record are Bowtie Life Insurance, ZhongAn Online P&C Insurance, Lemonade and Trupanion. Broad incumbents are FWD Group, AIA Group and Prudential plc. Emerging players are Embrace Pet Insurance and Coincover. Covercube is listed as an others.
Does OneDegree have an API?
No public API is recorded for OneDegree.
What industry is OneDegree in?
OneDegree's product category is Digital Insurance. Its primary akta.pro industry code is FSAJAKAG, Pet Insurance, with a secondary code of FSAJAKAH, Property Insurance (Homeowners, Renters & Commercial Property). Its NAICS code is 52412 and its SIC code is 6399.