Elegant Youth, Rider Part-Time Insurance Premium Reduced to 999 Won
44% Reduction Compared to Introduction
New Insurance Structure Considering Rider Characteristics
Woowa Brothers is leading the expansion of social safety nets for riders by lowering the hourly insurance premium of the hourly insurance plan to a three-digit 999 won. Woowa Brothers (CEO Kim Byung-woo), which is in charge of the logistics service for Baedal Minjok (Baemin), announced on the 24th that it has reduced the hourly insurance premium of the two-wheeled vehicle hourly paid transportation insurance (hereinafter referred to as hourly insurance) provided in partnership with KB Insurance to 999 won per hour.
The hourly insurance is a plan where riders performing Baedal Minjok deliveries pay insurance premiums only for the hours they operate. Considering the riders’ situation, who had low subscription rates due to the burden of high insurance premiums, the hourly insurance was launched to guarantee insurance benefits while lowering cost burdens, effectively reducing the barriers for riders to subscribe to insurance.
This reduction is 43.6% lower compared to the insurance premium at the time of the initial introduction of the hourly insurance. Woowa Brothers plans to expand the social safety net for riders and increase practical benefits through continuous agreements with insurance companies.
Woowa Brothers laid the foundation for the development of the delivery industry by introducing the two-wheeled vehicle hourly insurance on December 1, 2019. As a result of continuous efforts to increase the benefits available to riders since its introduction, the number of hourly insurance providers has expanded to three, and hourly insurance is now offered not only for two-wheeled vehicles but also for automobiles and personal transportation devices.
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A representative from Woowa Brothers’ business development team said, "We have been continuously working on the introduction and enhancement of the hourly insurance service so that riders working with Baedal Minjok Baemin Connect can receive better social safety nets and use insurance at reasonable prices," adding, "We will do our best to ensure that riders can operate in safer environments and receive diverse insurance benefits in the future."
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