52.5% Reduction Compared to Initial Introduction... Lowest Price
Economic Burden on Riders Reduced, Leading to Increased Insurance Enrollment Effect
Woowa Brothers is leading the way in protecting riders by lowering the hourly insurance premium (hourly paid transportation insurance) to 840 KRW starting in June. In April of this year, Woowa Brothers reduced the hourly insurance premium to 870 KRW, the lowest in the industry at the time, and by lowering it once again, they are pioneering the expansion of the social safety net for riders.
Woowa Brothers, which is in charge of the logistics service for Baedal Minjok, announced on the 3rd that they will reduce the hourly insurance premium for the hourly insurance provided in partnership with Hyundai Marine & Fire Insurance to 840 KRW, the lowest level in the delivery industry. This achievement comes in the fifth year since the introduction of hourly insurance, and Woowa Brothers has maintained the industry's lowest price since lowering it to "870 KRW" in April.
Along with this, Woowa Brothers is continuously expanding riders' options by lowering the daily fixed-rate insurance premium, which is also provided in partnership with Hyundai Marine & Fire Insurance, from the existing 6,000 KRW to 5,500 KRW, an 8.3% reduction. The daily fixed-rate insurance, which provides coverage on a daily basis, is a rider-customized insurance service that applies a uniform premium of 5,500 KRW regardless of the actual operating hours.
The "hourly insurance" introduced by Woowa Brothers in December 2019 is a service where riders performing Baemin Connect deliveries pay insurance premiums only for the hours they operate. Hourly insurance was created by Woowa Brothers considering the delivery environment of riders, who had low subscription rates due to the burden of expensive insurance premiums. Woowa Brothers has steadily lowered the insurance premiums since the introduction of hourly insurance. The hourly insurance premium applied from the 1st of this month at 840 KRW is 52.5% lower than at the time of its initial introduction. Maintaining the lowest price reflects Woowa Brothers' commitment as a win-win partner to prioritize rider safety and the low accident and loss rates since the introduction of hourly insurance.
Woowa Brothers is continuously expanding the social safety net for riders through ongoing consultations with insurance companies. Since the introduction of hourly insurance, Woowa Brothers has increased the number of insurance companies from one to four (DB Insurance, KB Insurance, Hana Insurance, Hyundai Marine & Fire Insurance) and is also providing hourly insurance for means of transportation other than motorcycles.
A Woowa Brothers representative said, "As a result of efforts from the introduction to the advancement of hourly insurance to ensure that more riders can receive a safe delivery environment and be included in the social safety net, we have been able to maintain the lowest price," adding, "Baedal Minjok will do its best as a leading company expanding the social safety net for delivery workers so that riders can deliver in a safer environment."
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