Former JPMorgan banker set to launch virtual insurance start-up with focus on medical coverage for pets
- Pet ownership in Hong Kong rose 72 per cent to 510,600 in a decade through 2016, the latest year for which data is available
- OneDegree is third virtual insurer approved by Hong Kong regulator as city embraces financial innovation
OneDegree, founded in 2016 by Alvin Kwock Yin-lun and industry veteran Alex Leung Te-yuan, became the third online insurer to be approved by Insurance Authority since 2017. The start-up aims to focus on a niche market for pets as its “flagship product” before expanding its menu to human coverage and cyber risk products.
Pet ownership rose by 72 per cent to 510,600 in a decade through 2016, according to the latest available data from the Veterinary Surgeons Board. That amounted to one pet in every five households in the city that year, and the number could be higher now.
“The number of dogs and cats in Hong Kong is similar to the number of young children in school,” Kwock said in an interview with the Post. “Many people treat their pets as part of the family, and they want to have insurance cover for them.”
There is tremendous room for growth in the business in Hong Kong, with only 3 per cent of dogs and cats covered by some form of policies, according to data of reinsurance company Munich Re, versus 40 per cent in Sweden and 25 per cent in Britain.
Kwock was JPMorgan’s head of emerging technology for Asia-Pacific and head of Taiwan research before pursuing his new interest. His insurance venture is backed by investors including BitRock Capital, Cyberport Macro Fund and Cathay Venture. It is also partnering with reinsurers like Munich Re and Scor Re.
