Open Plan Co., Ltd. announced on the 21st that ‘Toggle Day Insurance’ (hereinafter referred to as Toggle), an on-demand insurance platform operated by Open Plan Co., Ltd., achieved cumulative sales of 10,000 cases within 5 months of its launch.
Toggle selected ‘convenience’ as the main factor for remarkable growth over the past five months. It was evaluated that it was effective because it innovated the existing complex and difficult insurance, such as △Easy registration through the app and the web without phone consultation, △Easy payment in 1 second when registering a card, △Simple insurance claim through the app through chatbot In addition, increased awareness and increased consumer experience through the expansion of alliances also significantly boosted the growth.
Toggle’s sales are growing at an average of 155% every month. The insurance with the highest sales was hole-in-one insurance, followed by driver’s insurance. Recently, as overseas travel has become difficult due to the impact of COVID-19, interest in domestic travel has increased, and accordingly, domestic travel insurance sales have been steadily increasing.
Among toggle members, the proportion of MZ generation is 49.8%, and the average repurchase rate of members is 39%. 4 out of 10 members will use the toggle service again. The repurchase rate, which was 18% at the beginning of the platform launch, increased to 49% as of the end of May this year, and it is still maintained. A key result, Toggle analyzed, was that insurance was available on a daily basis whenever protection was needed in everyday life.
Meanwhile, Toggle Day Insurance provides consumer-oriented life-style insurance in six areas, including leisure and sports, drivers, and travel.
When you need daily protection from long-term insurance, you can easily purchase insurance through a toggle anytime, anywhere. The open plan, which was recognized for its innovativeness and promise through this, was selected as a step-up challenge company and fintech-specialized support program this year by the Korea Credit Guarantee Fund, following the attraction of investment from three institutions last year.
A Toggle publicist said, “It is encouraging to see the rapid growth of the goal to innovate the problems of traditional insurance. We will continue to innovate difficult and inconvenient insurance in the future.” He said, “Based on the philosophy that consumers should be able to protect their daily lives with appropriate insurance when they need it, we will become a leader in life-friendly on-demand insurance.”
“We are also planning health coaching contents based on personal health data, and we will continue to innovate with consumer-oriented insurance through the development and launch of new insurance products such as Personal Mobility.”
“Toggle supports your day today” Openplan is an insur tech company that operates ‘Toggle’, an on-demand insurance platform that innovates existing inconvenient experiences. Through digital transformation in the rapidly changing insurance market, we aim to lead innovation in response to the diverse needs of consumers. We want to help you find and use all the insurance you need in real life in one place, and make better financial choices.
Author/ Translator: Jamie Kim
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