Choosing insurance suitable to one’s needs is always an overwhelming task, especially when the market is full of a variety of options. Korean startup MyRealPlan.com helps people choose the best of the insurance policy that can fulfil their needs and suit their pockets.
Reverse-bidding to offer the best price
MyRealPlan is an O2O (Online to Offline) platform that connects users to insurance plans & companies using data-based algorithms, helping them to receive personalised insurance coverage.
MyRealPlan offers reverse-auction insurance services. It means that users submit their requirements for insurance on the portal and the insurance companies bid with lowest prices to offer them a plan. The concept is appealing as it gives consumers the option to choose from the best and allows insurance providers to submit to their best offers.
Accurate evaluation and easy process
MyRealPlan.com service is simple to use. Once the user logs in, they can customise an insurance plan suitable to their needs. Once the right insurance plan is selected by the user MyRealPlan plan sends the information to registered insurance providers. The insurance providers then compete in a reverse bid process to get the client. The seller basically will compete with offering price than the lowest bidder.
MyRealPlan will then recommend three best offers suitable to the user based on the analysis of the offers. The user can compare the offers and make their selection. The user gets the most competitive and compliant insurance plan.
“Our name, My Real Plan, means to provide the world
‘real insurance that is right for me’.”
– The Real Plan team
The strength of MyRealPlan is in the sophisticated algorithm used to evaluate and conduct vetting of offers. The algorithm provides a quantitative score of its assessment and a summary comment so the user can select the most suitable plan. The registration process, insurance plan customisation and recommendation service are provided free. There are no associated penalties if the user decides not to proceed.
MyRealPlan was started by five IT professionals and financial experts in 2014. The startup has done well with over 75,000 people, using its portal for insurance planning. The firm had investments from TIPS Program, Mirae Asset Venture Investment, TheVentures, Capstone Partners and Woori Technology Investment.