OneDegree closes Series B with US$55 million
OneDegree closes Series B with US$55 million | Insurance Business Asia
Insurance News
OneDegree closes Series B with US$55 million
Insurtech’s loss ratio improved by around 40% since its inception
Insurance News
By
Kenneth Araullo
Asian insurtech OneDegree has announced that it has closed its Series B funding round with US$55 million driven by strong revenue growth across all business units and market-leading innovations in digital assets insurance and AI-enabled solutions.
This new round of funding will be used to expand the insurtech’s digital assets insurance business and insurtech offerings on the global stage, in addition to new product offerings and deeper market penetration.
Over the past two years, OneDegree has delivered solid revenue growth, with monthly revenue rising by up to four times thanks to its direct-to-consumer products across pet, fire, home, and medical insurance lines. The insurtech’s portfolio loss ratio also improved by around 40% due to its data analytics capability. OneDegree CEO and co-founder Alvin Kwock said that the firm has received product market fit thanks to the company’s focus on delivering customer-centric products.
“It is a real seal of approval to receive such strong backing from the market during this challenging fundraising environment. We’re delighted to welcome new investors and strategic partners in this latest closing, alongside our three largest existing institutional investors who also participated,” Kwock said.
Likewise, co-founder Alex Leung praised the firm’s strides in its short lifespan, with OneDegree’s strong growth in the digital assets insurance space reflecting the industry’s trust in its capabilities and expertise.
“With the integration of Microsoft’s Azure OpenAI into our IXT and Cymetrics solutions, we are not just staying ahead of the curve but shaping the future of the insurance industry. Through relentless innovation and collaboration with global partners, we remain dedicated to empowering both traditional and digital insurers and contributing positively to the insurance ecosystem,” Leung said.
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