Virtual insurer OneDegree has partnered with the Dubai Insurance Company to roll out a suite of digital asset insurance products in the United Arab Emirates. The collaboration took shape after a meeting arranged by Cyberport at the Belt and Road Summit to help start-ups explore I&T prospects in the Middle East.
In this collaborative effort, OneDegree is set to provide various insurance products mandated by the Virtual Assets Regulatory Authority in Dubai. These offerings encompass commercial crime insurance, professional indemnity insurance, and directors and officers insurance, catering to businesses operating under Dubai’s newly established cryptocurrency regulatory framework. Additionally, OneDegree plans to establish a new entity in Dubai, hiring local employees to serve the market, and is strategically exploring further opportunities in the Middle East and North Africa regions.
Building on its expertise, particularly with OneInfinity, a digital-asset insurance service launched in 2021, OneDegree has demonstrated success in serving vetted digital asset businesses, including cryptocurrency exchanges, custodians, and wallet providers, with a track record of zero claims to date. Anticipating substantial growth, OneDegree expects digital asset insurance to constitute half of its business by 2024, up from the current 30%.
OneDegree’s prowess in InsurTech has also facilitated a strategic partnership with DB Inc., a leading provider of InsurTech solutions in Korea. Leveraging the innovative IXT platform, a scalable modern insurance platform by OneDegree, and combining it with DB Inc.’s extensive local market insights, the collaboration aims to deliver localised insurance SaaS solutions to Korea’s growing small-amount, short-term insurance sector.
