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Hong Kong’s OneDegree to Provide Digital Asset Protection Insurance with Munich Re

OneDegree, a quickly rising digital insurance coverage firm in Hong Kong, on Monday, introduced a launch of a digital asset insurance coverage product, OneInfinity, which goals to provide safety for digital asset managers.

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This comes after OneDegree disclosed that it has shaped a three-year strategic partnership with German reinsurance big Munich Re Group (Munich Reinsurance Company) to present assist for the digital asset insurance coverage product.

The new launch makes OneDegree the primary licensed insurance coverage agency in Asia to accomplice with a worldwide main reinsurance firm in offering digital asset insurance coverage.

In an announcement, OneDegree talked about that OneInfinity is an insurance coverage and expertise product designed particularly for digital asset buying and selling platforms, asset managers, custodians and expertise suppliers.

OneInfinity incorporates OneDegree insurance coverage providers with Cymetrics’ options – a separate product that’s supplied by a sister firm of OneDegree.

Cymetrics assists companies in inspecting blockchain, cyber, and digital asset dangers from the attitude of hackers and insiders in a extra versatile and agile method.

Despite the fast and mass adoption of digital belongings, the shortage of insurance coverage capability not solely places Web3 contributors at better threat but additionally impacts the participation of institutional traders.

According to OneDegree, one of many main causes for the shortage of insurance coverage capability the world over is the shortage of knowledge and experience to underwrite threat associated to digital belongings.

OneDegree mentioned that it has leveraged such distinctive strengths and its inter-disciplinary data of blockchain expertise, threat administration and compliance, to optimize OneInfinity for the end-to-end issuers of digital asset providers.

The agency additionally talked about that it’s completely satisfied to have been chosen by Munich Re as its digital asset accomplice, after passing the reinsurer’s thorough due diligence.

Alvin Kwock, Co-Founder of OneDegree, talked in regards to the improvement and mentioned: “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 digital insurance coverage supplier since April 2020, OneDegree has quickly established itself because the main digital asset insurance coverage firm within the Hong Kong market by quite a lot of paid customers.

Established in 2016, OneDegree is a tech agency that goals to change into the next-generation insurance coverage business chief in Asia. It is the primary digital insurance coverage agency in Hong Kong with a completely digitized insurance coverage course of end-to-end. It additionally companions with world leaders within the insurance coverage and well being sectors to provide new expertise and consumer expertise.

In November 2021, the agency launched the one-month marketing campaign “Onto the Next Insurance Frontier” that aimed to inform the viewers that the world is quickly altering and the identical applies to folks’s wants within the face of an unsure future.

OneDegree retains bringing new impetus to the market with expertise and launching numerous insurance coverage merchandise to assist clients sort out the ache factors which were troubling them for years.

In November final yr, OneDegree witnessed a mean month-to-month development charge of 30%, and the variety of paid customers reached over 100,000. The COVID-19 pandemic altered buyer behaviour, the place the agency noticed an elevated demand for insurance coverage merchandise and the necessity for extra comfort in buying such merchandise. As a outcome, extra clients are turning to digital platforms for insurance coverage services.

OneDegree is trying forward to proceed increasing its enterprise in Asia and boosting its efforts to enter Europe to attain extra potential clients with insurance coverage expertise.

 

Image supply: Shutterstock

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