Toss Insurance, a subsidiary of Viva Republica that operates the mobile financial service Toss, is transforming into a large general insurance agency (GA) with 2,300 insurance agents after three years of face-to-face sales.
Toss Insurance began face-to-face sales in February 2022 with two agents and noted on the 12th that the number of insurance agents has surpassed 2,300 this month. It is considered unusual that the number of insurance agents has increased continuously for 36 months without mergers and acquisitions (M&A).
As the number of insurance agents has increased, sales have also been on the rise. Toss Insurance's new contracts were 24,515 in 2022, 89,006 in 2023, and surged to 158,798 last year. As of this month, the total has surpassed 300,000. The cumulative first premium is around 20 billion won. Thanks to these results, Toss Insurance achieved its first profit in the first half of last year.
Toss Insurance's 13th contract retention rate averaged 86.7% for life insurance and 88.6% for non-life insurance over three years, which is higher than the industry average for 2023 (83.2% for life insurance and 86.3% for non-life insurance). The productivity per insurance agent, a key efficiency indicator for GAs, was 770,000 won as of the end of last year, and customer satisfaction with contract consultations reached 88.5 points.
Toss Insurance has 59 offices nationwide based on association registration criteria. It has established bases in major cities such as Seoul, Incheon, Gyeonggi, Ulsan, Daejeon, South Chungcheong, and North Jeolla, and plans to open offices in Busan and Gwangju soon to start operations.
Toss Insurance transferred its headquarters to the D-Cube City in Sin-dong, Guro-gu, Seoul, in December last year. Jo Byeong-ik, CEO of Toss Insurance, noted, "We will accelerate innovation in the insurance industry based on quick execution and competitiveness while leading a customer-centric new paradigm."