OpenPlan

What OpenPlan does

OpenPlan is a South Korean insurTech company founded in 2019 and headquartered in Seoul, focused on micro-insurance distribution. The company operates a dual-mode platform: Toggle, a consumer-facing mobile application that sells small-ticket, on-demand insurance products directly to individuals, and Toggle API, a B2B embedded insurance integration layer that allows third-party apps and platforms to distribute OpenPlan's insurance products within their own user flows. The underlying platform architecture is an integration-and-distribution layer that aggregates insurance products from 20+ carrier partners and exposes them through both consumer and partner-facing surfaces.

The company serves two distinct customer segments: (1) end consumers in Asia who purchase micro-insurance products via the Toggle app, and (2) B2B platform partners who embed insurance offerings into their own digital experiences via the Toggle API. OpenPlan's geographic focus is Asia, with active expansion into Southeast Asia beyond its Korean home market. The business model is commission-based: OpenPlan earns a share of premium or a distribution fee on each policy sold through either channel, with revenue therefore tied to transaction volume rather than SaaS subscriptions. The technology stack is anchored on standard mobile and API infrastructure, with analytics instrumentation via Google Analytics, Adjust, and Singular for attribution and marketing measurement.

OpenPlan has raised approximately $2.37M in disclosed funding as of a 2022 round led by FuturePlay, Plug and Play, and TS Investment, and was selected for the TIPS Scale-Up program by New Paradigm Investment in 2025. The company is small (11–50 employees) and is in a growth stage where strategic priorities are carrier partnership expansion, Southeast Asia go-to-market, and scaling the Toggle API distribution business alongside the consumer Toggle app.

Name

OpenPlan

Legal name

오픈플랜 주식회사 (OpenPlan Inc.)

Website

https://openyourplan.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

OpenPlan is a South Korean insurTech company that operates Toggle, a consumer micro-insurance app, and Toggle API, a B2B embedded insurance platform, partnering with 20+ insurance carriers to distribute small-ticket insurance products across Asian markets.

Ownership category

akta.pro rank

Product category

InsurTech / Embedded Insurance Platform

NAICS

Insurance Agencies and Brokerages (52421)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Embedded Insurance & Affinity Distribution Platforms (FSAGAGAL)

akta.pro secondary industry

Digital Distribution & Comparison Platforms (Aggregators/Marketplaces) (FSAGAGAA)

Keywords

• Embedded insurance API
• Micro-insurance platform
• InsurTech infrastructure
• Lifestyle insurance app
• Insurance distribution platform

Headquarters

HQ city

Seoul

HQ country

South Korea

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Operations

Revenue model

1. Insurance Commission Revenue: OpenPlan acts as an insurance agent through its subsidiary 토글보험서비스(주) (Toggle Insurance Service), earning commissions on insurance policies sold through the Toggle platform. The company facilitates group insurance contracts where member companies serve as policyholders and their members as insured parties, with commissions collected from partnered insurance companies (Samsung Fire & Marine, DB Insurance, Hyundai Marine & Fire, Meritz, KB Insurance, MG Insurance, AIG, NongHyup P&C, Heungkuk, Hanwha, ACE American, Lotte, Hana, AXA, Carrot, KakaoPay Insurance, Shinhan EZ Insurance, Samsung Life, LINA Life, NH NongHyup Life, Mirae Asset Life Insurance) based on premiums collected.
2. Platform/API Service Fees: OpenPlan generates revenue through its Toggle API platform by enabling B2B partners to integrate insurance products. Partners include corporate platforms, e-commerce sites, and other digital channels that embed Toggle API into their customer journeys, potentially paying platform fees or revenue-sharing arrangements for insurance products sold through their platforms.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels4 records

Core offering

OpenPlan operates a dual-mode insurTech platform consisting of Toggle, a consumer-facing mobile lifestyle micro-insurance app offering affordable coverage for everyday risks, and Toggle API, an integrated B2B embedded insurance API that enables businesses to embed customizable insurance products into their digital customer journeys. The platform aggregates insurance products from 20+ Korean insurance carriers and serves both individual consumers directly through the Toggle app and enterprise partners through white-label API integration.

Product overview

OpenPlan operates a dual-mode insurance platform consisting of two main products: (1) Toggle, a consumer-facing mobile app offering lifestyle micro-insurance coverage with features including coverage history viewing, easy insurance signup, and fast claims processing; and (2) Toggle API, a B2B embedded insurance solution enabling business partners to integrate customizable insurance products into their customer journeys through API connections. The company serves over 1.5 billion users across Asia, offering insurance products through partnerships with multiple Korean insurance companies.

Differentiator

Problem solved

Functional benefit

Brands

• Toggle (토글): Lifestyle insurance app providing micro-insurance coverage for everyday risks. Offers features including coverage history viewing, fast claims processing, and easy insurance sign-up.
• Toggle API (토글 API)

Products and services

• Toggle (토글) A mobile and web-based lifestyle insurance application that provides affordable, flexible micro-insurance coverage for immediate, tangible life risks. Users can browse, purchase, and manage insurance policies from multiple Korean insurers, view their coverage history, sign up easily, and file claims quickly. Designed for everyday consumers — from young adults to families — who are deterred by the high premiums of traditional life or cancer insurance.
• Toggle API (토글 API) An integrated insurance API platform that enables businesses to embed customizable insurance products into their digital customer journeys. Supports rapid implementation, automated claims processing, and enables partners to create new revenue opportunities through embedded insurance sales. Targeted at digital platforms, e-commerce companies, and corporate enterprises that want to offer insurance to their customers without building insurance infrastructure from scratch.

Quantifiable outcome

• Toggle API enables businesses to integrate insurance products and start generating new revenue with rapid deployment timelines.
• +1 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature4 records

Partnerships

One partnership is on record.

• 토글보험서비스(주) (Toggle Insurance Service)coreStrategic or Co-development PartnerToggle Insurance Service is the insurance agency entity that OpenPlan partners with for insurance product distribution. It receives insurance contract applications from OpenPlan and forwards insured and beneficiary information to partnered insurance companies. It also handles customer inquiries (phone, email) and provides insurance agency services including policy maintenance and premium collection support.

Scale indicators3 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Igloo: Singapore-headquartered embedded insurance platform that distributes insurance products through digital partners across Southeast Asia. Closest comparable to OpenPlan given the shared B2B2C embedded insurance model, multi-carrier aggregation, and SEA expansion focus.
• bolttech: Asia-headquartered embedded insurance distribution and technology platform, operating a multi-carrier exchange model similar to OpenPlan's Toggle ecosystem with a comparable B2B API focus on digital distribution.
• BIMA: Mobile-first microinsurance provider operating across emerging Asia and Africa, offering affordable life and health coverage via mobile platforms. Directly comparable to OpenPlan's micro-insurance consumer app focus and emerging-market distribution model.
• PasarPolis: Indonesia-based embedded insurance platform that integrates micro-insurance into e-commerce, fintech, and ride-hailing platforms, distributing products from multiple carriers. Closely mirrors OpenPlan's Toggle API strategy in Southeast Asia's largest digital economy.
• Qoala: Indonesia-based insurTech providing embedded micro-insurance products through digital platforms, with a multi-carrier approach and mobile-first consumer experience. Directly comparable as a Southeast Asian embedded insurance competitor.
• ZA Tech: Hong Kong-based insurance technology company providing embedded insurance infrastructure across Asia, including APIs and carrier integration tools. Operates in a similar category to OpenPlan's Toggle API offering.

Emerging players

• Singlife: Singapore-based digital life and health insurer with embedded distribution partnerships. Comparable to OpenPlan in digital-first insurance distribution and APAC regional focus, though with owned balance sheet versus OpenPlan's intermediary model.

Broad incumbents

• FWD Group: Pan-Asian insurance incumbent with a strong digital distribution focus across Southeast Asia. Comparable to OpenPlan's broader Asia-wide insurance ambition, though FWD is a direct underwriter rather than an intermediary platform.
• Lemonade: US-headquartered digital insurer with an embedded insurance platform (Lemonade Car, Lemonade Pet). A useful reference for AI-native insurance distribution and embedded insurance go-to-market, though serving different geography.

Others

• CoverGo: Insurance technology platform providing policy administration, underwriting, and distribution tools to insurers in Asia and globally. Serves as an enabler/peer in the embedded insurance stack that OpenPlan integrates with via APIs.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds1 record

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about OpenPlan