OneDegree and Bihubao partner to develop mutual aid pet protection in China

Hong Kong-based digital insurance platform OneDegree has entered into a partnership with Bihubao, which runs one of China’s biggest online reciprocal communities (ORC or mutual aid program). Through the alliance, the two firms will jointly develop pet protection products for the Mainland Chinese market, as well as pursue other property and casualty product collaborations in China and beyond.

Leveraging its experience and expertise with pet protection products, OneDegree is partnering with Bihubao in development of the first ORC for pets in China. Bihubao will be responsible for the program management and distribution on its platform.

“We look forward to this strategic partnership with Bihubao, a leader in the online reciprocal community business, to introduce new, innovative products in the Mainland Chinese market. We also see this as a powerful opportunity to expand our presence in China, one of the most vibrant markets in Asia. We are bringing product know-hows to the table while Bihubao’s competitive edge is in its established network and existing relationships with Ant Group, Sina, Xiaomi, Suning, and other leading companies.” – Alex Leung, Co-Founder of OneDegree.

“Pet parents in China have been largely underserved. While a few insurers offer pet insurance products in the market, they are either too high in price or too low in coverage and have not been able to address the needs of pet owners. We are able to unlock new value, reducing barriers to real pet protection products, under an online reciprocal community program. We are excited to partner with OneDegree in driving product innovations and delivering unique offerings.” – Haibo Li, Founder and CEO of Bihubao.