Elegant Youth, Join Delivery Mutual Aid Association Rider Insurance Launch

"Active Support for the Expansion of Mutual Aid Insurance"

Woowa Brothers, the logistics service provider for Baedal Minjok (Baemin), announced on the 26th that it will participate in the launch of the first paid transportation insurance product by the Delivery Service Mutual Aid Association. Woowa Brothers, which is a member company of the Delivery Service Mutual Aid Association established to enhance insurance accessibility for delivery riders, plans to lead the expansion of mutual aid association insurance within the delivery industry.

Launched on June 28 last year, the Delivery Service Mutual Aid Association released its first product on the 25th, a “time-based paid transportation insurance” (hereinafter referred to as time-based insurance), where insurance premiums are paid only for the hours spent performing deliveries. The premiums are at least 16% cheaper compared to market products. The time-based insurance requires system integration with each delivery company to operate. Woowa Brothers actively participated from the association’s inception stage by contributing the largest investment amount (4.7 billion KRW) and also took part in the integration development, enabling the product to be operated from its initial launch.

Paid transportation insurance for motorcycle riders is essential for physical and economic protection against unexpected accidents. However, since riders manage motorcycle insurance subscription and maintenance themselves, many riders who are unaware of this or feel burdened by the insurance premiums often operate without insurance. According to data from the Korea Insurance Development Institute, as of 2022, the subscription rate for motorcycle paid transportation insurance was about 38.7%, which is less than half.

Woowa Brothers has actively participated as one of the member companies of the Delivery Service Mutual Aid Association from the launch of the consultative body for its establishment, through its founding, to the release of this first product, aiming to expand insurance accessibility. They will continue to cooperate in expanding insurance accessibility led by the Delivery Service Mutual Aid Association. A representative of Woowa Brothers said, “We look forward to the launch of various follow-up products in the future and will do our best as a member company to contribute to expanding accessibility, such as lowering insurance premiums for riders.”