MyBrown, a pet insurance specialist, officially launched its brand on July 15 and announced on July 16 that it has opened both a mobile application and a website.
The launch of MyBrown is noteworthy as it marks the first appearance of an "insurance company dedicated exclusively to pets" in the insurance industry. MyBrown, which was established in March of last year with the slogan "Insurance that thinks only of pets," obtained its official license from the Financial Services Commission last month.
Unlike existing general insurance companies that have offered pet insurance as a supplementary product, MyBrown has designed its entire structure?from planning and product development to customer support?specifically for pets. This fundamentally differentiates MyBrown from other insurers, as pet insurance is not a subsidiary business but the core focus of the company.
To lower the entry barriers for pet insurance, MyBrown has implemented a differentiated strategy in both pricing and coverage.
For its main product, the Yellow Plan, the monthly premium is set at 19,863 won for a 2-year-old Maltese, 18,203 won for a 2-year-old Poodle, and 18,454 won for a 2-year-old Munchkin cat. Maltese and Poodle breeds, which are the most commonly raised dog breeds in Korea, were selected as benchmark breeds to lower the insurance entry barrier. MyBrown's premiums are approximately 20?30% lower than those of other insurers for the same age and breed, while offering enhanced coverage, thereby increasing cost efficiency.
Six types of high-cost diagnostic procedures?MRI, CT, endoscopy, arthroscopy, burn treatment, and cancer treatment?are covered without any limit on the number of claims (within the annual total compensation limit). Six types of high-cost treatments?CPR, seizures, third-degree burns, cancer treatment, pancreatitis, and urethrostomy (for male cats only)?are also covered without claim limits. Pets with pre-existing conditions for certain diseases are also eligible for coverage. The annual compensation limit is up to 30 million won, providing comprehensive protection. The waiting period for patellar diseases, which are common in dogs, is 180 days?the shortest in the industry.
The products are structured into three plans, taking into account the pet's health status and the owner's needs. The Yellow Plan covers basic daily medical expenses up to 150,000 won and high-cost treatments up to 2 million won per incident, with no claim limits. The Brown Plan increases these limits to 200,000 won and 2.5 million won, while the Black Plan further extends coverage to 300,000 won and 3 million won. All plans cover 70% of hospital expenses, excluding a 30,000 won deductible per claim, up to an annual maximum of 30 million won, helping to significantly reduce the owner's out-of-pocket medical costs.
It is also notable that product planning was led by a veterinary expert. Product development based on veterinary knowledge and field experience has ensured that both the actual treatment realities for pets and the needs of owners are reflected. Coverage includes a wide range of conditions, from common diseases such as skin disorders and vomiting/diarrhea to trauma, fractures, and surgeries, with a focus on items that are highly effective from the owner's perspective.
In terms of user convenience, the core feature is the real-time insurance payout system called "Live Claim." When receiving treatment at a partner hospital, owners can submit a claim by scanning a QR code within the app, and the claim review and payout are processed immediately after the consultation. This allows owners to pay only their share, similar to the National Health Insurance system. The process eliminates the need to wait for claim approval or submit paperwork, greatly improving upon the inconveniences of traditional insurance.
If the usage rate of Live Claim at partner hospitals exceeds 50%, an additional 2% discount on premiums will be offered the following year, providing tangible benefits for continued use.
Lee Yonghwan, CEO of MyBrown, stated, "Pet insurance is becoming a necessity rather than a choice," and added, "MyBrown will continue to evolve by combining industry expertise and genuine care for pets, ensuring that our insurance remains essential for both owners and their pets."
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