Digital insurance platform OneDegree has reportedly become the first company to receive a virtual insurance license from the Hong Kong Insurance Authority.
OneDegree’s founder Alvin Kwock said the company had been involved in the regulator’s “Fast Track” scheme and will now be able to offer insurance policies through its platform, according to a report from Insurance Authority.
The regulator launched the Insurtech Sandbox and Fast Track initiative back in 2017 with the aim of boosting the development of the sector in Hong Kong.
Insurtech Sandbox helps authorised insurers experiment with new InsurTech and other technology applications in a controlled environment which does not require the company to meet the typical compliance requirements.
The Fast Track system is designed to help companies looking to launch solely digital offerings and help them get to market.
OneDegree enables consumers to get pet insurance entirely through online processes. The company will begin with pet insurance, but is looking to expand its offerings to include health and cyber policies, the article said.
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