Toss Sees Fivefold Increase in Users with Car Insurance Comparison 2.0

"Half of Users Guided to Lower Premiums"

Toss announced on December 4 that, following the introduction of its Car Insurance Comparison & Recommendation Service 2.0, the number of users comparing car insurance through the Toss application has increased fivefold.

According to Toss’s analysis, the number of users who completed the insurance premium calculation at the end of last month was five times higher than in February, prior to the service overhaul. This change is attributed to the continuous improvement in the accuracy and reliability of premium calculations by Toss after the introduction of the Car Insurance Comparison & Recommendation Service 2.0, promoted by the Financial Services Commission in March.

The benefits perceived by users were also clear. As of the end of last month, half of the users found insurance options with lower premiums than their previous policies. This improvement is the result of automatically reflecting vehicle information and discount options (such as public transportation use and step counters), ensuring that discounts are accurately applied without requiring users to enter the information themselves.

The UI/UX (User Interface/User Experience) was also refined by reducing unnecessary steps, allowing users to check insurance premiums more quickly and easily.

During the same period, one out of every two users was recommended a product from a small or mid-sized insurance company as the most affordable option. This clearly shows a trend toward expanding consumer choice in a car insurance market that was previously dominated by large insurance companies.

As of the end of last month, approximately 60% of users who checked their insurance premiums proceeded to the actual insurance company’s sign-up page. This indicates that the comparison results naturally led to the actual enrollment process.

Toss is continuing to enhance its services based on technology so that users can select insurance products according to more rational and transparent criteria.

A Toss representative stated, "Thanks to accurate premium calculations and automated discount verification, the benefits experienced by users have grown even greater," adding, "We will continue to improve our technology-based services so that consumers can compare and choose car insurance based on rational criteria."

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