Virtual Insurer One Degree Pivots to Offering Core Insurance Platform to Incumbentsby Fintech News Hong Kong July 9, 2020
OneDegree Global, an insurtech firm with presence in Hong Kong and Taipei, announced today that it has launched IXT Core, an enterprise-grade core insurance platform that powers digital transformation for insurers, MGAs and brokers.
OneDegree is being as a virtual insurer who offers pet insurance, they secured their virtual insurance license earlier in April. In 2019, they completed a US$ 30 million funding round which was led by BitRock Capital and it sees participation from Cyberport Macro Fund.
The insurtech startup claims that the IXT Core upends the traditional insurance business model by streamlining the entire value chain, introducing automation and customisation throughout. They said that this will enable insurers to respond swiftly and provide them the tools to build and launch new products in a matter of days.
For user-facing processes, the platform claims to provide instant quotation and automated underwriting and policy issuance for greater accuracy and efficiency.
Alex Leung, Co-Founder of OneDegree Global, says:
“All insurance organisations today understand the importance of adapting their operations and products to the digital age, but many are trapped by legacy systems. We’re offering a no-code, one-stop solution that helps insurers unlock their business potentials. Our user-friendly platform is built for scale, enabling our partners to keep pace with accelerated growth and to easily collaborate with digital ecosystem partners.”
In their statement, the company added that they have been awarded its ISO 27001 certification. ISO 27001 is a leading international information security standard that is awarded to organisations that passes rigorous audit, ensuring they have policies and controls in place to protect sensitive information and guard against external threats.
“Information security is the cornerstone of trust for both technology and financial services companies, which is why we invested and built an internal cybersecurity team early on. We’re very proud that we were able to take on the ISO 27001 preparations ourselves despite being a young company. We hope the certification will give our clients confidence in the security of IXT Core and all the efforts we do to protect their data and businesses,
said Stanley Chou, OneDegree Global’s Head of Cybersecurity.