MyBrown, Korea's First Pet Insurance Company, Lowers Barriers for Pet Enrollment

Monthly Premium for Maltese Dogs Under 20,000 Won
High-Cost Treatments Covered in Basic Plans
Partner Hospitals Offer 'WelcomeBrown' with Immediate Coverage and Discounts
MyBrown Lowers Entry Barriers in Pet Insurance Market

MyBrown, the nation’s first pet insurance company, which launched last month, announced on the 12th that it has lowered the entry barriers to pet insurance.

MyBrown Live Billing Hospital Site. MyBrown

For Maltese dogs?the most commonly raised breed in Korea (based on age 2)?the monthly premium is 19,863 won, while for Poodles (age 2) it is 18,203 won. This means that even high-cost treatments are covered for a monthly premium in the 10,000-won range.

MyBrown’s products include 12 types of high-cost tests and treatments, such as surgery, MRI, CT, cancer treatment, seizures, and pancreatitis, in every plan without the need for separate selection. Compensation is provided without a limit on the number of times, as long as it is within the annual total compensation limit.

Veterinarians have led product planning, ensuring broad coverage from common conditions such as dermatological and dental issues to frequently occurring clinical items. The product is structured to minimize concerns over selecting riders, which can often feel optional, setting it apart from others.

The company has introduced a 'Live Billing' system, enabling insurance claims and payments to be processed automatically at the time of treatment. At the hospital, customers only pay their out-of-pocket portion, and the treatment is completed. Currently, more than 100 partner hospitals nationwide offer Live Billing, and the network of affiliated hospitals is expanding.

MyBrown secured initial capital of 13.2 billion won through strategic investments from leading domestic companies such as Samsung Fire & Marine Insurance, Green Cross Veterinary Products, and Woorien. After a review process, it obtained final approval from the Financial Services Commission. In particular, it met strict requirements such as reserve requirements, earning institutional recognition for its safety and transparency.

Within just 20 days of launching, MyBrown succeeded in partnering with over 100 animal hospitals nationwide. The company plans to launch full-scale marketing activities, including 'WelcomeBrown' for new subscribers, centered around its partner hospitals.

By signing up for WelcomeBrown at a partner hospital along with a simple health check, coverage begins the next day without a waiting period, and subscribers can also receive premium discounts. The strategy aims to strengthen cooperative relationships among hospitals while simultaneously enhancing customer convenience and benefits.

Lee Yonghwan, CEO of MyBrown, stated, “Pet insurance is more than just financial coverage?it is a process that changes both owner awareness and pet welfare. We will continue to advance our products and marketing without losing focus on specialized products centered on the real needs of owners and pets, as well as strategic pricing to improve accessibility to insurance.”

Meanwhile, existing non-life insurance companies are also accelerating their expansion into the pet insurance market. NH NongHyup Property & Casualty Insurance recently launched 'NH Direct Pet & Me Dundeun Insurance,' a mobile-only product with enhanced reimbursement coverage, while Carrot General Insurance introduced a membership-type product that covers up to 500,000 won per year for a monthly premium of 9,900 won. Meritz Fire & Marine Insurance is improving accessibility with a simplified underwriting product that allows pets with pre-existing conditions to enroll.

The direct premiums written by the nine non-life insurers selling pet insurance amounted to 80 billion won as of the end of last year. This figure is expected to nearly triple to 239 billion won by 2030.