Toss Launches Car Insurance Comparison Service 2.0

• Provides insurance premiums identical to insurers' rates
• Easily retrieval of users’ car information with simple identity verification process
• Enhanced convenience for financial consumers with system for viewing all available discounts

Viva Republica, the operator of the financial super app “Toss,” announced on the 20th that it has launched its ‘Car insurance comparison service 2.0’ (hereafter ‘Compare Car Loans’). The service, first introduced on January 19 last year, has been improved to be more intuitive and convenient.

‘Compare Car Loans’ allows users to easily compare and receive recommendations for car insurance products directly within the Toss app. Financial consumers seeking to purchase or renew their car insurance can quickly check premiums and proceed with the application process without complicated steps.

The most notable improvement in this update is that users can now view premiums identical to those provided by insurance companies. Car insurance is mandatory in Korea, and renewal notifications are typically sent 30 days before the policy expiration date. Toss now aligns with this timeline, enabling users to check their renewal premiums from the same point onward. For example, policyholders whose car insurance expires on April 19 can now view identical premium amounts as shown on insurer platforms.

Previously, consumers had to manually enter details such as their car model, insurance start date, and estimated driving distance. With the improved service, users can now simply input their name and resident registration number to automatically retrieve their vehicle model, insurance expiry date, and other relevant information.

Additionally, Toss has introduced a streamlined system to identify eligible discounts based on data such as number of steps walked or public transportation usage. This automated data integration eliminates the need for users to manually input information, ensuring they receive accurate final premium estimates. This improvement addresses the previous inconvenience of having to manually enter this data on insurance company websites, which often resulted in missed benefits.

Toss’s partnered insurers include 10 companies: Samsung Fire & Marine Direct Insurance, DB Insurance, Hyundai Marine & Fire Direct Insurance, KB Insurance, Meritz Fire & Marine Insurance, Carrot General Insurance, AXA Direct Insurance, Hana Insurance, Heungkuk Fire & Marine Insurance, Lotte Insurance (available from April 1).

This service can be accessed through the Toss app by navigating to the ‘All’ tab > ‘Compare Car Loans’ or by searching ‘Compare Car Loans’ in the search (magnifier) feature.

A Toss representative said, “We have improved the service to help users compare and choose car insurance more easily and accurately,” adding, “We will continue to innovate automotive financial services to maximize user convenience.”