Insurobo

AI-powered insurance enrollment platform for small business owners in South Korea

Distribution & Sales Growth Seed

Overview

Insurobo is a distribution and sales technology platform for P&C and specialty insurance, built for small business owners in South Korea. The company targets the roughly 6.7 million small business operators who qualify for government-subsidized mandatory insurance programs -- coverage categories that have historically seen low uptake due to complex enrollment requirements.

The platform allows a business owner to receive an insurance quote and complete payment in under five minutes by entering only a business address and phone number. AI and big data analytics power the premium calculation, while a Decentralized Identity (DID) blockchain layer supports contract and claims processing. An AI chatbot handles customer consultation and product recommendations around the clock.

Insurobo has partnered with major Korean financial institutions including Shinhan Financial Group, K-Bank, BC Card, and Lotte Card for distribution, and has extended its reach to 30-plus municipal governments for government insurance programs. The company raised seed funding from BNK Venture Capital, Sang Sang E Biz, SK Securities, and Star Ventures between 2020 and 2022, with accumulated investment of approximately KRW 2.35 billion (roughly USD 1.8M).

Products & Services

Address-Based Insurance Enrollment Platform

Insurobo's core product enables small business owners to enroll in mandatory and government-subsidized insurance programs by entering only a business address. The system calculates premiums using AI and processes payment within five minutes, without requiring extensive documentation. Insurance categories supported include fire insurance, wind and water damage coverage, and disaster liability insurance under South Korean government programs.

Key Features

Address-only quote input -- no lengthy paperwork required
Under-five-minute quote-to-payment flow
Integration with government insurance program databases
Partnerships with 30-plus municipal governments and traditional markets

Target Users: Small business owners, municipal government insurance programs

AI Chatbot Consultation

A real-time AI chatbot provides insurance product recommendations and answers customer questions. A white-label version of this chatbot was deployed under the name "InsuRobo" for Nitol Insurance in Bangladesh through a partnership with SSL Wireless.

Key Features

Around-the-clock availability
Personalized product recommendations
White-label deployment capability for partner insurers

Target Users: Consumers, partner insurance carriers

AI-Powered Personalized Recommendations

Using big data analytics and mydata integration, Insurobo provides personalized insurance comparisons and recommendations based on customer profile and location data. In September 2023, the company signed an MOU with mydata firm Bangqu to develop a dedicated digital insurance comparison platform leveraging mydata.

Key Features

Big data-driven recommendation engine
Mydata ecosystem integration (South Korean Ministry of Science and ICT)
Insurance comparison and selection tools

Target Users: Individual consumers, small business owners

SMB Financial Services

Alongside insurance, Insurobo offers a broader financial services suite for small businesses, covering business loans, exclusive credit cards, tax refund services, and savings and pension products.

Key Features

Business loan access
Exclusive credit card products
Tax refund processing
Savings and pension products

Target Users: Small business owners

At a Glance

Founded: 2019
Headquarters: Seoul, South Korea
Employees: 11-50
Funding: Seed

Category & Focus

Category: Distribution & Sales
Subcategories: Digital storefronts embedded insurance AI chatbot
Insurance Verticals: P&C Commercial Specialty/E&S
Target Customers: Consumers, Agents/Agencies, Carriers

Customers

30-plus municipal governments across South Korea (government insurance programs)
Nitol Insurance Company (Bangladesh) -- deployed InsuRobo chatbot via SSL Wireless
Small business owners across South Korea (approximately 6.7 million addressable market)