“2021 will be a new starting point for the online insurance market,” said Joon-Woo Ryu, CEO of Bomap, Korea’s leading insurance tech (insurance + information technology) company. It is predicted that this year, the first year of the post-corona era and my data (personal credit information management) era, will be able to use customized insurance services in a situation where most users are used to non-face-to-face channels.
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In an interview with E-Daily on the 10th, Ryu predicted that “the total insurance market share of online insurance, which was about 5% until last year, will rise to about 10-20%.” He cited’combination between heterogeneous data’ as a dramatic opportunity for the online insurance market to expand. For example, card payment information or credit information held by financial companies is combined with health checkup information and shopping history information held by Internet shopping mall companies to create a new type of insurance. Insurance that compensates for the cost of returning parcels, or insurance that compensates for taxi fees on snowy days, can be examples.
CEO Ryu said, “Online insurance is the best solution that can provide immediate and optimal insurance products to users.” He asserted, “Now the online insurance market is also entering an era of infinite competition.”
Bomap, which is a small company between large insurance companies and Big Tech, is targeting a niche market of customized health insurance products. It plans to accumulate users’ health checkup data through participation in the My Data business and recommend customized health insurance products through partnerships with healthcare companies. It is a method of recommending health insurance products that are essential to users by calculating the expected incidence rate for each disease.
CEO Ryu said, “We will accumulate more data and strive to enhance recommendations through this,” and pledged to create an environment where consumers can use insurance comprehensively.
Representative Ryu left SGI Seoul Guarantee Insurance and founded Bomap in 2015. Bomap started insurance-related services in April 2017. In the early days, it provided a service that provided a non-face-to-face billing for insurance premiums for subscribers. The number of members has risen to 1.6 million as insurance consumers have been word of mouth. Until last year, it attracted a total of 21.5 billion won in investment. Hana Financial Group also participated as a major investment company.