If you've ever experienced the frustration in finding the right insurance plan then MyRealPlan is the solution you've been waiting for. Of course, finding the right insurance plan is just the start, you then need to find the best value amongst the multitude of insurance service providers and their brokers, and the broker’s brokers. But no need to worry, since MyRealPlan has this solved too, with their reverse bidding process, where insurance providers have the opportunity to submit to your their best offers. After all, you are the client and they all want your business.
The concept is appealing and it has caught the attention of TheVentures who specialize in early stage investments. Recently TheVentures confirmed their decision to invest into MyRealPlan.
Using the service is simple, and the user starts by customising an insurance plan that is suitable to their requirements. Once the right insurance plan is selected, MyRealPlan plan sends this information to registered insurance provider who compete in a reverse bid process to win the work. For those unfamiliar with ‘reverse bidding’, it is an auction like environment where the sellers compete with their lowest offer in order to win the customers work.
Before MrRealPlan provides users with recommendations, it will analyse the offers and present the three most suitable. The user can then compare the three offers and make their selection. Through such process, MyRealPlan is able to provide to their users, the most competitive and compliant insurance plan.
The strength of MyRealPlan lies in the sophisticated algorithm that is used to evaluate and conduct vetting of offers. Behind the algorithm development is an economic professor, finance expert, professional accountants, and even fintec expert. The algorithm even provides a quantitative score of its assessment and a summary comments so that the user can select the most suitable plan.
In the process of user registration, a typical user will be able to securely enter their personal details in less than 1 minute. The registration process, insurance plan customisation and recommendation service are provided free of charge. Moreover, there are no associated penalties if the user decides not to proceed.
The company began in January 2014, and within 6 months had experienced 1200 enquiries from which 50% advanced to transactions.
Currently there are more than 250 people that have contributed to the development of MyRealPlan.
Kim Chang Gyun representative of MyRealPlan explained that “Insurance deals usually occur through recommendations or through direct sales, which is a process that is unproductive to both customer and insurance companies alike”. “MyRealPlan aims to provide its customers the most competitive and complaint insurance whilst offering insurance companies a more productive platform to seek customers”.
Ho Chang Song a representative from TheVenture said “MyRealPlan is able to combine Fintec and reverse bidding into the market of insurance brokering. The development team possess both a high level of financial understanding and expertise required to provide this service”.
Although this startup only began in January 2014, it already has plans to utilise the investment towards establishing a global presence