OneDegree Global and DB Inc., a Korean technology solutions provider, have collaborated on a cloud-based insurance platform with a focus on microinsurance.
This solution, which OneDegree says is the first cloud-based insurance platform service in Korea, is powered by OneDegree’s IXT core insurance technology and aims to support small-amount and short-term insurers (SSI) by offering a scalable and cost-effective platform for microinsurance providers.
The ‘Yes, Sure’ platform is designed to enable insurers to enter the market with minimal setup costs while benefiting from efficient policy administration, agent-free quotations, and simplified claims applications. Its flexibility aims to help it to grow alongside its users, charging fees based on usage, OneDegree said.
The collaboration, established in 2023, sees DB Inc. serve as the local reseller and partner for IXT in Korea, ensuring the platform’s compliance with local regulations and market needs.
Michelle Ip, CEO of OneDegree Global, noted, “At OneDegree Global, we have a grand vision of democratizing insurance access and sparking innovations with insurers & ecosystem partners in Asia markets, and by partnering with DB Inc., we are committed to cement OneDegree Global’s contribution in Korea.”
Ip added that the solution should assist SSIs and potentially “inspire medium and large-size insurance companies” to adopt modern core technologies to drive their own digital growth.
