Hyundai Marine & Fire Insurance Makes Strategic Investment in Insurtech Company Bomap

Hyundai Marine & Fire Insurance announced on the 10th that it has made a strategic investment in Bomap, an insurtech company providing integrated insurance management services.

[Asia Economy Reporter Oh Hyung-gil] Hyundai Marine & Fire Insurance announced on the 10th that it has made a strategic investment in the insurtech company Bomap, which provides integrated insurance management services.

Bomap is an insurtech company that has been offering various services such as insurance product recommendations, claims filing, and health analysis based on customer data since 2015. Last year, it was selected as one of the top 100 global insurtech companies for the first time in Korea, and recently obtained approval for the MyData business.

Hyundai Marine & Fire Insurance explained that it believes it can strengthen strategic relationships with startups by not only discovering startups but also simultaneously engaging in business partnerships and investments.

The two companies plan to respond to the rapidly changing digital insurance market by activating new digital-based channels, jointly developing data-driven products, and promoting marketing. Hyundai Marine & Fire Insurance has previously engaged in business partnerships such as jointly developing and launching a group accident insurance product exclusively for startups with Bomap.

However, the scale and method of the investment are reportedly not disclosed by mutual agreement between the two companies.

Jo Young-taek, Deputy Head of Digital Planning at Hyundai Marine & Fire Insurance, said, "Through collaboration with Bomap, a leading insurtech company providing digital insurance services, we will strive to quickly respond to future changes in the insurance market."

This content was produced with the assistance of AI translation services.