Toss Insurance Surpasses 2,000 Agents in Just Two and a Half Years

Toss Insurance, a subsidiary of Viva Republica, has achieved a significant milestone by surpassing 2,000 agents in just two and a half years since its establishment. 

Toss Insurance, a subsidiary of Viva Republica, has achieved a significant milestone by surpassing 2,000 agents in just two and a half years since its establishment. Starting with only two agents in February 2022, the company has grown rapidly without any mergers or acquisitions. This blog post will explore the factors behind Toss Insurance's impressive growth, financial success, and future ambitions.

On September 26, 2024, Toss Insurance announced that its number of agents had crossed the 2,000 mark. The company began its operations in February 2022 with just two agents and has grown organically, achieving this milestone without any mergers or acquisitions.

The first 500 agents were recruited in just over a year. Following that, the number reached 1,000 in November 2023 and 1,500 in April 2024, now hitting 2,000 in September. This growth translates to an average increase of 100 agents per month.

The company attributes its success to several factors, including:

- Free customer matching services

- Transparent commission structures

- IT support for sales operations

- An environment that fosters long-term relationships with clients

One standout feature is the transparency in the base commissions paid by insurance companies for contracts created by agents, which has generated positive word-of-mouth within the agent community.

Additionally, Toss Insurance has successfully turned a profit for the first time since its establishment in November 2018. In the first half of this year, the company reported a net profit of approximately 350 million KRW, an increase of 8.8 billion KRW compared to the same period last year. Revenue rose from 16 billion KRW in the first half of last year to 52.5 billion KRW this year, reflecting a 3.3-fold increase.

The significant revenue growth is primarily attributed to robust insurance solicitation performance. Comparing the first half of 2023 with the same period in 2024, the number of new insurance contracts doubled from 29,787 to 61,737, while the total contract value surged from 1.92 billion KRW to 4.94 billion KRW, an increase of about 2.6 times.

Toss Insurance boasts the highest productivity per agent in the industry, with an average of approximately 760,000 KRW per agent in the first half of this year. The retention rates for 13-month contracts stand at 88.0% for life insurance and 88.9% for non-life insurance, surpassing the industry averages of 87.9% and 88.2%, respectively.

Moreover, data from the Korea Insurance Agency indicates that Toss Insurance's 13-month agent retention rate for the first half of 2024 was 90%, significantly higher than the industry average of 40%. This high level of agent satisfaction has directly contributed to the company’s rapid growth.

Choi Byeong-ik, CEO of Toss Insurance, stated, "We aim to be the best partner for agents, focusing on a culture that enables them to succeed. We plan to double our revenue compared to last year and strive to grow into a large GA with over 3,000 agents."

Toss Insurance's remarkable growth in agent numbers and financial performance highlights its effective strategies and commitment to supporting its agents. With a focus on transparency and sustainability, the company is well-positioned to continue its upward trajectory in the insurance market.