Insurtech startup Suretech Co., Ltd. (CEO Kwak Kwon-il) announced on the 5th that it has secured Pre-A funding from Daily Partners (CEOs Shin Seung-hyun and Lee Seung-ho). The funds will be used to fund growth, expanding the market for its flagship AI insurtech platform, "Carsure," and enhancing its integration with insurance companies.
Amidst the recent contraction in the early stage investment market for fintech, including insurtech, Suretech's recent investment is seen as a recognition of its technological prowess and track record in the auto insurance sector.
"CarSure" is a platform that automates the insurance claims process, from reporting an auto accident to matching with a repair shop (DRP), estimating, settlement, and connecting with relevant agencies. Currently, it connects insurers and repair shops in real time and has been officially implemented and operated by three insurance companies and mutual aid associations. This has yielded tangible results, including lower average claims costs and an increase in the adoption rate of excellent partner repair shops. Additional contracts with seven insurance companies (including mutual aid associations) are being pursued by the end of the year.
Suretech was founded by core members who previously developed "RENCAR," an automated insurance compensation platform, and integrated the system with 16 insurance companies. "RENCAR" significantly reduced insurance claim processing times by automating matching and claim assessment between insurance companies and rental car companies, and is considered a prime example of success in the Insurtech industry.
Seong Yong-hoon, managing director of Daily Partners, said, “SureTech is a team that has proven the marketability of an insurance claim automation platform through ‘Rencar.’ Based on their industrial experience and technological prowess, they are a company with the potential to lead structural innovation in the insurance claim process in the automobile repair sector.”
He explained that his experience as an insurance analyst and executive in charge of strategic investment at Lotte Insurance allowed him to identify SureTech's growth potential early on. He added, "SureTech has the potential to achieve growth comparable to that of CCC Intelligence Services (CCC, market capitalization of approximately KRW 8 trillion), a leading claims automation platform company in the US auto insurance market."
CEO Kwak Kwon-il stated, "We will build a compensation infrastructure that both insurance companies and industrial companies can experience the benefits of," and added, "We will create a new standard for the domestic insurtech market through data-driven decision-making and AI automation."
You must be logged in to post a comment.