Toss Insurance Partner Surpasses 50,000 Registered Agents

Leading Remote Consultations with Achievements in Just 10 Months Since Launch

[Asia Economy Reporter Kiho Sung] Viva Republica, the operator of the mobile financial platform Toss, announced on the 24th that the number of insurance agents registered on the insurance agent-exclusive application (app) ‘Toss Insurance Partner’ has surpassed 50,000 just 10 months after its launch.

Toss Insurance Partner is a separate sales support app exclusively for insurance agents registered with the General Insurance Association and the Life Insurance Association. It is a platform that connects Toss users who request real-time insurance consultations through the Toss app with insurance agents.

Since its official launch in August last year, Toss Insurance Partner has led changes in the insurance industry by expanding non-face-to-face consultations, surpassing 50,000 registered agents within 10 months. Insurance corporate agencies (GA) such as PeopleLife and Aplus Asset are actively using Toss Insurance Partner as a channel to attract new customers for all their affiliated agents. According to a recent survey of 2,266 subscribers, 90.3% of agents responded that ‘Toss Insurance Partner helps with sales.’

Over the past 10 months, the number of insurance consultations conducted through Toss Insurance Partner has exceeded 700,000. Currently, there are 590,000 ongoing consultations between agents and customers. Earlier this year, Toss Insurance Partner introduced a star rating system allowing customers to leave ratings and reviews with a maximum score of 5 points after consultations. This aims to resolve information asymmetry in the insurance market and provide customers with transparent information about agents. Customer satisfaction with consultations has reached 90 out of 100 points, with about 40,000 people having written consultation reviews so far.

Toss Insurance Partner is also gaining attention as a new sales channel for insurance companies targeting insurance agents. Since the number of agents using Toss Insurance Partner has reached 50,000, insurance companies are utilizing it as an efficient means to promote their products to GA agents. So far, leading domestic insurance companies such as ABL Life, DGB Life, MG Non-Life Insurance, Dongyang Life, Lotte Non-Life Insurance, MetLife Life, Samsung Life, Samsung Fire & Marine Insurance, and Heungkuk Life (in alphabetical order) have run quiz-style insurance product advertisements on Toss Insurance Partner. Advertising efficiency appears high, with one out of three registered agents participating in the quizzes.

A Toss representative said, “Toss Insurance Partner is breaking the long-standing industry practice of ‘selling customer databases’” and added, “We will continue to provide a new insurance consultation experience to insurance companies, agents, and customers alike as a transparent channel connecting 50,000 agents and Toss’s 19 million users.”

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