[Start人] Micro Short-term Insurance Platform 'Toggle' Reaches 100,000 Transactions... Zero Complaints

Easy Smartphone Sign-Up
Secures 3 Billion Series A Investment
Collaborates with Samsung Fire and 10+ Companies
"Creating Insurance Products Like Never Before"

"The volume of micro short-term insurance transactions is approaching 100,000, but so far, there have been zero complaints. We are focusing on explaining products in a way that users can easily understand and enhancing customer satisfaction."

Lee Kwang-hyun, CEO of OpenPlan (pictured), launched the 'Toggle' service selling micro short-term insurance products in February last year, receiving a positive response from the market. Through the mobile application (app) Toggle, users can easily subscribe to insurance products needed in daily life. Currently, there are about 20 products across six categories such as driving, sports, and travel, with the number steadily increasing. Recently, the company succeeded in raising 3 billion KRW in Series A funding.

Toggle simplifies insurance products to reduce premiums and make subscription easier. For example, the 'Hole-in-One Insurance' has a daily premium ranging from 1,400 to 6,700 KRW. CEO Lee explained, "It covers not only the costs of making a hole-in-one commemorative trophy or paying for the round but also liability for injuries and damage to golf equipment." He also emphasized that "insurance subscription is possible with just three smartphone touches," highlighting the simple and intuitive UX and UI. He added, "The Toggle application version 2.0 will be released soon," and "the variety of insurance products will expand, and a stable service will be implemented."

Insurance product sales are conducted through collaboration with more than ten major domestic insurers, including Samsung Fire & Marine Insurance, DB Insurance, and Hyundai Marine & Fire Insurance. CEO Lee, who majored in economics, founded OpenPlan by leveraging his internship experience at a non-life insurance company and six years of know-how operating a travel insurance platform. He said, "Because we had built networks and trust with insurance companies, we were able to proceed smoothly with the business," adding, "I have meetings with insurance companies three days a week to discuss ideas for new products."

OpenPlan is preparing to qualify as a micro short-term insurance company. To obtain an insurance company license, approval must be granted through the Financial Services Commission. CEO Lee stated, "Until now, insurance company qualifications were exclusive to large corporations, but we are the first startup to pursue this," and said, "We will create and provide products that consumers want but insurers hesitate to offer, developing insurance products that have never existed before."