‘Pet Insurance Specialized’ Pouch Insurance Preparation Corporation Secures Seed Investment
"Know-How Behind Developing Korea's No.1 Pet Insurance"
Pouch, an insurance preparation corporation specializing in pet insurance, has secured seed (early-stage) investment from Fast Track Asia.
On the 15th, Pouch announced, "We have attracted 850 million KRW in seed investment from Fast Track Asia." Pouch was founded by CEO Seo Yoon-seok, a former lead developer of Meritz Fire & Marine Insurance's Pet Permint, the number one pet insurance in Korea, and former business strategy lead at Toss and Toss Insurance, who is challenging to become the first licensed pet insurance company in Korea through this insurance preparation corporation.
According to the non-life insurance industry last year, the domestic pet insurance market has grown approximately 25 times over the past five years. However, compared to the market size of 3 trillion KRW, the subscription rate is only 1%, making it an insurance sector with high growth potential. The government has also adopted the activation of pet insurance as a national agenda and has raised expectations by initiating system improvements.
Pouch aims to meet the physical and personnel requirements stipulated in the Insurance Business Act this year and obtain approval from the Financial Services Commission. CEO Seo said, "Through Pouch's pet insurance, we hope that both pet-owning households and animal hospitals can receive various examinations and provide sufficient treatment without worrying about medical expenses," adding, "Since the foundation of insurance is mutual aid, we plan to provide customers with innovative experiences that are truly necessary based on the know-how of developing the number one pet insurance in Korea."
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Park Ji-woong, CEO of Fast Track Asia, who led the investment, stated, "Having long been interested in the insurance market, we have continuously explored opportunities for innovation within the market," and added, "We decided to invest because we strongly resonate with the experience, expertise, and vision to provide better services to customers."
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