Elegant Youth, Rider Part-Time Insurance Premium Reduced to 870 Won

Economic Burden Reduction Expected to Increase Rider Insurance Enrollment Effect

Woowa Brothers, responsible for the logistics services of Baedal Minjok, announced on the 1st that they will reduce the hourly insurance premium for the time-based insurance provided in partnership with DB Insurance to 870 KRW, the lowest rate in the delivery industry.

The "time-based insurance," introduced by Woowa Brothers on December 1, 2019, is an insurance service where riders performing Baemin Connect deliveries pay premiums only for the hours they operate. This time-based insurance system was developed and launched by Woowa Brothers considering the environment of riders, who had low subscription rates due to the burden of expensive insurance premiums. It reduces the economic burden on delivery workers and lowers the barrier to insurance enrollment, thereby expanding the social safety net for riders.

The insurance premium, which was 1,770 KRW at the time of introduction, has been steadily reduced and will be applied at 870 KRW starting from the 1st. Woowa Brothers explained that this reflects their commitment to prioritizing rider safety as well as the low accident and loss rates.

Woowa Brothers has continuously expanded the social safety net for riders through ongoing agreements with insurance companies. Since the introduction of time-based insurance, Woowa Brothers has increased the number of insurance providers from one to four (DB Insurance, KB Insurance, Hana Insurance, Hyundai Marine & Fire Insurance) and is also offering time-based insurance for vehicles other than motorcycles.

A representative from Woowa Brothers stated, “We have been striving to enhance the time-based insurance system from its introduction so that more riders can receive a safe delivery environment and be included in the social safety net. As a leading company expanding the social safety net for delivery workers, we will do our best to ensure that riders can deliver in a safer environment.”