iGinet

About iGinet

iGinet is a South Korean InsurTech company that operates an AI-based platform for hyper-personalized insurance planning and services. The company's mission is to advance the insurance industry through data and IT, creating a transparent and fair information-sharing ecosystem for both insurers and the insured.

Founded by CEO Kim Ji-tae, iGinet launched its core mobile application, "Bodak," in 2019. A significant milestone was achieved in 2021 when the company obtained full MyData authorization from the Korea Credit Information Service, allowing for enhanced insurance product diagnosis and recommendation functionalities. The Bodak app saw substantial user adoption, reaching 2 million downloads by the end of 2024. In a notable achievement, the platform reported a 0% rate of incomplete insurance sales in 2022 and maintains a contract retention rate of 95%, significantly higher than the industry average.

iGinet's business model is centered around its AI engine and extensive database. The platform leverages over 1 million data points, including insurance consultations, contracts, and policy details dating back to the 1960s. The AI analyzes 14 variables such as employment status, health checkups, and assets to provide users with customized insurance recommendations. This attracts General Agencies (GAs) to the platform, from which iGinet earns a 15-25% commission on the insurance products sold. The model has proven effective, with GAs on Bodak averaging 13.2 contracts per month, more than double the typical rate. Looking forward, iGinet planned a KOSDAQ IPO to raise funds for R&D and expansion into B2B solutions and overseas markets. New offerings include MyRealPlan, for corporate insurance analysis, and ClarkPASS, which uses MyData to help insurance companies personalize services.