While terms such as fintech and edutech are known to most people these days, ‘insurtech’ — when insurance and tech come together — is one that’s a little less common.
RedVelvet Ventures is a new player in the industry with its app Bomapp which provides insurance information and advice, and helps users manage policies. The company was founded in 2015 by Joonwoo Ryu, who had worked in the insurance business six years before becoming an entrepreneur. In fact, all senior staff at RedVelvet Ventures have experience working in insurance, meaning that the company has a good grasp of the market and a deep understanding about the issues customers are facing.
“While working in insurance, I found that there was huge lack of trust among insurance customers,” says Ryu. “Using my experience in the insurance industry, I created Bomapp to try and turn around that lack of trust that customers were feeling.“
To accomplish this, the company believed that it needed to help customers understand insurance properly and boost trust in the people selling it by offering accurate data. Making sure to follow up with clients afterwards was also considered important in regaining trust.
Anyone can join Bomapp through their cellphone and instantly receive detailed information about their current insurance. Users can request for help at any stage, and fees can also be paid directly through the app.
Bomapp also provides consultation services regarding payments, analysis and other insurance issues. There is even an option for urgent service in emergencies. A version of Bomapp for insurance staff is available too, making it easier to get in touch with customers when needed.
This year Bomapp wants help customers focus on regaining control of their insurance — as many people tend not to think about their policies once they’ve made them. It hopes to eventually build up a solid user base, with a target of one million customers.
Bomapp has filed eight patent applications for its algorithms and processes, and has already registered another patent for its privacy preservation. It’s all part its strategy to become an insurance firm that uses new technology.
“Within five years people say that AI will be selling insurance. I believe Korea’s insurance market will also quickly go mobile. Starting now, we’ll gradually expand our customer data and later use it to offer analysis and plans based on new algorithms,” says Ryu.
