Bomapp

About Bomapp

Bomapp Inc. is a South Korean insurtech company, founded in 2015 by Joon-woo Ryu, that aims to simplify the insurance process through its mobile application. Based in Seoul, the company operates in the digital insurance market, providing a platform for consumers to manage their insurance needs entirely online. The business generates revenue through a likely combination of freemium and commission-based models, offering basic services for free while potentially earning from insurance product sales and premium features.

The company's core offering is a mobile application that allows users to view, manage, and analyze all their insurance policies in one place. Key features include detecting duplicate coverage, confirming contract details, and tracking monthly premium payments. The platform provides diagnostic analysis of a user's existing coverage, highlighting areas that may be insufficient and suggesting suitable products. Users can compare and purchase a variety of insurance products directly within the app, including daily life, health, and auto insurance. A significant benefit is the ability to file insurance claims digitally by taking a picture of the necessary documents or by searching for a hospital visited, streamlining a traditionally cumbersome process.

Since its launch, Bomapp has achieved notable milestones, including being named one of the top 100 global insurtech companies in 2020. By September 2020, the app had reached 2.3 million cumulative downloads and 1.7 million users. The firm has also expanded into B2B services, offering tailored products for corporate clients, and is pursuing B2B2C partnerships to integrate its insurance services into other platforms. After securing its MyData business license in January 2021, Bomapp is focused on leveraging personal credit information to develop more personalized and rational insurance products, empowering consumers to make their own choices in a non-face-to-face environment.