Hong Kong’s OneDegree to Provide Digital Asset Protection Insurance with Munich Re
OneDegree, a rapidly rising virtual insurance company in Hong Kong, on Monday, announced a launch of a digital asset insurance product, OneInfinity, which aims to offer protection for digital asset managers.
This comes after OneDegree disclosed that it has formed a three-year strategic partnership with German reinsurance giant Munich Re Group (Munich Reinsurance Company) to provide support for the digital asset insurance product.
The new launch makes OneDegree the first licensed insurance firm in Asia to partner with a global leading reinsurance company in providing digital asset insurance.
In a statement, OneDegree mentioned that OneInfinity is an insurance and technology product designed specifically for digital asset trading platforms, asset managers, custodians and technology providers.
OneInfinity incorporates OneDegree insurance services with Cymetrics’ solutions – a separate product that is offered by a sister company of OneDegree.
Cymetrics assists firms in examining blockchain, cyber, and digital asset risks from the perspective of hackers and insiders in a more flexible and agile manner.
Despite the rapid and mass adoption of digital assets, the lack of insurance capacity not only puts Web3 participants at greater risk but also affects the participation of institutional investors.
According to OneDegree, one of the major reasons for the lack of insurance capacity across the world is the scarcity of data and expertise to underwrite risk related to digital assets.
OneDegree said that it has leveraged such unique strengths and its inter-disciplinary knowledge of blockchain technology, risk management and compliance, to optimize OneInfinity for the end-to-end issuers of digital asset services.
The firm also mentioned that it is happy to have been selected by Munich Re as its digital asset partner, after passing the reinsurer’s thorough due diligence.
Alvin Kwock, Co-Founder of OneDegree, talked about the development and said: “We are delighted to work closely with Munich Re to offer OneInfinity, a market-leading digital asset insurance product. Digital asset insurance is set to be the gold standard serving the Web3 community. Regulated insurance coverage is a strong signalling effect that supports the trust and credibility of the insured entities. OneDegree is privileged to be Asia’s first insurer to contribute to the secure and compliant development of Web3.”
Investing for International Expansion
Authorized by the Hong Kong Insurance Authority as a virtual insurance provider since April 2020, OneDegree has rapidly established itself as the leading digital asset insurance company in the Hong Kong market by a number of paid users.
Established in 2016, OneDegree is a tech firm that aims to become the next-generation insurance industry leader in Asia. It is the first digital insurance firm in Hong Kong with a fully digitized insurance process end-to-end. It also partners with global leaders in the insurance and health sectors to offer new technology and user experience.
In November 2021, the firm launched the one-month campaign “Onto the Next Insurance Frontier” that aimed to inform the audience that the world is rapidly changing and the same applies to people’s needs in the face of an uncertain future.
OneDegree keeps bringing new impetus to the market with technology and launching diverse insurance products to help customers tackle the pain points that have been troubling them for years.
In November last year, OneDegree witnessed an average monthly growth rate of 30%, and the number of paid users reached over 100,000. The COVID-19 pandemic altered customer behaviour, where the firm saw an increased demand for insurance products and the need for more convenience in acquiring such products. As a result, more customers are turning to digital platforms for insurance products and services.
OneDegree is looking ahead to continue expanding its business in Asia and boosting its efforts to enter Europe to reach more potential customers with insurance technology.
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