• Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • FinTech
    • Gadgets & Electronics
    • Health & Bio
    • IoT
    • Marketplaces & E-commerce
    • Robotics
    • Transportation & Logistics
    • Investments
    • Ecosystem & Lists
  • Interviews
  • Events
    • ComeUp
    • NextRise
  • Governments
    • KISA
    • KISED
    • KOCCA
    • KOTRA
    • KTO
    • MSS
    • NIPA
    • SBA
    • SFL
  • Programs
    • SGSC Global Bootcamp 2021
    • LAUNCHPAD
    • COMEUP STARS 120
    • K-Startup Grand Challenge
    • TIPS X beSUCCESS Global Project
    • SFL Global Program
    • KTO Global Showcase
  • Investment Opportunities
    • SGSC Demo Day
    • Launchpad France Demoday
    • TIPS Global Demoday
    • Launchpad USA Demoday
    • Launchpad Indonesia Demoday
  • Submit an Article
  • register
  • login
KoreaTechDesk
No Result
View All Result
KoreaTechDesk
No Result
View All Result
Home FinTech

Insuretech Startup Open Plan attracts Series A investment for digital insurance platform ‘Toggle’

KoreaTechDesk Writer by KoreaTechDesk Writer
June 10, 2022
in FinTech
0
Toggle

Toggle sells various insurance products online.

0
SHARES
559
VIEWS
Share on FacebookShare on Twitter

Generation MZ forms the biggest consumer base for the digital fintech industry. Finance products like insurance are bought and sold through online transactions. The more convenient and consumer-oriented the transaction method, the more it is preferred. Korean startup Open Plan has been operating the life-oriented insurance platform Toggle, receiving rave reviews from consumers in the domestic insurance industry. The Insuretech startup received a Series A investment of about 3 billion won ($2.3 million) from TS Investment, Future Play, and US Plug and Play.

Open Plan, a startup launched in November 2019, develops an app / web-based digital insurance platform that quickly and conveniently provides insurance needed in daily life. Open Plan received 500 million won ($394 million) in seed investment from Korea Venture Investment last year, including 500 million won ($394 million) in angel investment matching funds and 500 million won ($394 million) in seed investment in 2020 from 4 places including New Paradigm Investment, CNT Tech, and Next Dream Angel Club. As a result, the Open Plan secured about 4 billion won ($3 million) in accumulated investment attraction.

Working towards enhancing short-insurance sales

Open Plan successfully launched an insurance platform, ‘Toggle,’ based on artificial intelligence and big data. Toggle provides customized one-day insurance that can be purchased even with a small amount. Through Toggle, users can easily compare and buy mini-insurance necessary in their daily life and receive various convenient services such as ‘Simple insurance subscription in 1 second’ and ‘Simple insurance claim.’

Toggle is 100% non-face-to-face, and it is easy to purchase mini insurance for daily life. Currently, it is being recognized for its growth potential by collaborating with ten non-life insurers, including Samsung Fire & Marine, DB Non-life Insurance, Hyundai Marine & Fire Insurance, Hanwha General Insurance, and Meritz Fire & Marine. From February last year to the present, more than 83,000 products have been sold, and the average rate of customers who have purchased insurance at least once on Toggle repurchasing other products within a year is 49.7 %.

“Toggle enhances consumer convenience by simplifying the complicated and cumbersome procedures that customers have faced with existing insurance, such as 3 -second simple insurance subscription, simple payment, and simple insurance claim,” said Yesol Jeong, an examiner from Future Play, who participated in the Series A investment. “In particular, we invested after seeing that it is the only platform suitable for the MZ generation, who wants to compare insurance from multiple insurance companies or purchase insurance only when necessary and pay fees,” he said.

Open Plan CEO Lee Kwang-hyun said, “With this investment, Open Plan has secured the cost for expanding embedded insurance and the cost of upgrading artificial intelligence technology necessary to create a user-centered mobile channel and discussing collaboration with famous platform companies. In the future, our goal is to become a specialized small-term insurance company by focusing on system development so that we can provide the insurance our partners need in the future.”

 

What’s your thoughts?
+1
0
Upvote
+1
0
Clap
+1
0
Clap
+1
0
On fire
+1
1
Meh
+1
0
Clap
+1
0
Tags: FintechInsuranceInvestmentOnlineOpen PlanToggle
Previous Post

Korean startup StudyPie launches a multi-link service for creators to monetize their work 

Next Post

Korean startup accelerator Future Play completes pre-IPO funding round 

Next Post
Future Play

Korean startup accelerator Future Play completes pre-IPO funding round 

0 0 votes
Article Rating
Subscribe
Login
Notify of
Please login to comment
0 Comments
Inline Feedbacks
View all comments
No Result
View All Result

Follow Us

FREE NEWSLETTER

Ecosystem Partners




PRODUCTS

Most Popular

  • 10 K-Dramas to watch for some ‘money matters’

    0 shares
    Share 0 Tweet 0
  • UNDP-Citi Foundation’s impact startup acceleration programme ‘Citypreneurs 2023’ to promote innovative solutions for urban sustainability

    0 shares
    Share 0 Tweet 0
  • Korean startups fall short on global readiness, finds Open Innovation Trend survey

    0 shares
    Share 0 Tweet 0
  • Top Korean Dating apps that can help you make new connections in South Korea

    1 shares
    Share 0 Tweet 0
  • Digital Healthcare startup CenacleSoft secures investment from Naver Cloud for its EMR platform

    0 shares
    Share 0 Tweet 0
  • AI-smart farm solution startup Croft attracts seed investment from Future Play

    0 shares
    Share 0 Tweet 0
  • Three Restaurant Apps to try out for a fine dining experience in South Korea  

    9 shares
    Share 9 Tweet 0
  • Fabless semiconductor startup Fadu raises pre-IPO funding, becomes this year’s first Korean unicorn

    0 shares
    Share 0 Tweet 0
  • Quantit secures  30 billion won Series A investment from Smilegate Holdings for AI-based FinTech Asset Management Services

    0 shares
    Share 0 Tweet 0
  • Korean startup launching a nose-print identification for dogs, an alternate to the microchip embedding process

    0 shares
    Share 0 Tweet 0
  • Facebook
  • Instagram
  • LinkedIn
  • Twitter

Copyright © 2023 KoreaTechDesk | About Us | Sponsorships| Terms of Use |Privacy Policy |Cookie Policy Contact: [email protected] DMCA.com Protection Status

No Result
View All Result
  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • FinTech
    • Gadgets & Electronics
    • Health & Bio
    • IoT
    • Marketplaces & E-commerce
    • Robotics
    • Transportation & Logistics
    • Investments
    • Ecosystem & Lists
  • Interviews
  • Events
    • ComeUp
    • NextRise
  • Governments
    • KISA
    • KISED
    • KOCCA
    • KTO
    • KOTRA
    • MSS
    • NIPA
    • SBA
    • SFL
  • Programs
    • LAUNCHPAD
    • COMEUP STARS 120
    • K-Startup Grand Challenge
    • TIPS X beSUCCESS Global Project
    • SFL Global Program
    • KTO Global Showcase
  • Investment Opportunities
    • Launchpad France Demoday
    • TIPS Global Demoday
    • Launchpad USA Demoday
    • Launchpad Indonesia Demoday
  • Submit an Article
  • Forums
  • register
  • login

Copyright © 2023 KoreaTechDesk | About Us | Sponsorships| Terms of Use |Privacy Policy |Cookie Policy Contact: [email protected] DMCA.com Protection Status

wpDiscuz
0
0
Would love your thoughts, please comment.x
()
x
| Reply

We hope you enjoy our content, May you please give us Feedback regarding our website!

Single Post Feedback

dgdfgfdgdf

What you think about Koreatechdesk, Share your idea with us!

feedback popup

Invitation submission has been closed

Insert/edit link

Enter the destination URL

Or link to existing content

    No search term specified. Showing recent items. Search or use up and down arrow keys to select an item.