OneDegree Group, a cyber security and insurance group, announced Wednesday that it has reached its first operating profit in the third quarter of 2024, marking a significant milestone for both the group and its insurance arm.
This achievement underscores the value of OneDegree’s innovative product offerings and the effectiveness of leveraging technology for scalable growth, the firm said in a statement.
According to the statement, key drivers of this success include the scale and profitability of OneDegree Group’s two flagship products— digital asset protection and pet insurance — which have gained substantial market share.
The group’s focus on product innovation and technology automation has enabled these offerings to achieve scale and profitability while maintaining a stable headcount, attributable to the strategic use of artificial intelligence (AI) and other advanced technology tools.
Over the past four years, OneDegree Group has successfully built a healthy portfolio, with favorable profit margins across its novel product lines.
With this strong track record, the group has attracted significant reinsurance support, which further bolsters profitability whilst mitigating risk exposure.
“Our achievement of operating profit in the third quarter of 2024 showcases our strategic focus on innovative product development and operational efficiency,
“We are committed to providing a security layer for future mega trends while ensuring responsible innovation that creates value and protects consumer rights,” said OneDegree Group Co-founder Alvin Kwock.
Meanwhile, OneDegree Group Co-founder Alex Leung said as they continue expanding our global market presence, they remain focused on strong unit economics to ensure the sustainability of their business.
“Our priority is delivering value not only to our customers but also to our partners and investors, and staying ahead of the innovation curve,” he added.
According to the statement, OneInfinity, the digital assets arm of the group, has been working closely with regulators across Asia, the Middle East and Europe to develop consumer protection standards across major global digital assets hubs for over three years.
The firm’s intelligent insights on digital assets risk classification and mitigation have advanced significantly during this time, in step with the growth of our clients’ assets under custody, geographical expansion and trading volume.
in Hong Kong, OneInfinity insures ten out of thirteen virtual asset trading platforms (VATP) either licensed or deemed to be licensed under the Securities and Futures Commission VATP regime.
The firm has contracted up to $418 million coverage limit per client, and it is adding reinsurance capacity to expand the limit per client to $1 billion.
In the Middle East, OneInfinity has onboarded clients with broad international backgrounds, which facilitates a diversified pool of risks and geographical exposure.
The group has recently launched MAMORI.AI, an AI-powered Web3 risk intelligence platform for regulators, exchanges, and asset managers, after an initial beta phase.
It will soon be launching tailor-made offerings for stablecoins in the fourth quarter of 2024.
OneDegree Group is a provider of cybersecurity and insurance solutions at the convergence of AI, Web3, and advanced technologies.
Among the group’s innovative offerings are OneInfinity’s Web3 insurance, Cymetrics’ cybersecurity and AI verification tools, and OneDegree Hong Kong’s suite of direct-to-consumer insurance products.
With a growing presence across Asia, the Middle East and beyond, the group closed a $55 million Series B funding round in June 2023, supporting its unwavering commitment to innovation and industry leadership.