Green Ribbon

What Green Ribbon does

GreenRibbon (그린리본) is a privately held Korean InsurTech and HealthTech company founded in March 2020 and headquartered in Daejeon, with an AI/data R&D center in Seoul (CEO MYOUNGHO CHEON). Its flagship consumer product, LifeCatch, is a mobile app that uses AI to scan insurance policy databases, identify missed or unclaimed refunds, and handle end-to-end claim filing including delegated hospital document issuance; the platform has been adopted by 2.8M+ cumulative users and has surfaced 89.3 billion KRW in customer refunds. LifeCatch is distributed directly via app stores and embedded inside the mobile apps of major Korean financial institutions (IBK I-ONE, DGB Daegu Bank, DB Insurance, Kyobo Life), and is free to consumers.

The company monetizes through a freemium consumer flow (LifeCatch), enterprise subscriptions for GreenScout — a real-world-data clinical trial analytics and patient-recruitment platform officially launched in December 2025 and used by named global pharma companies including Lilly, AstraZeneca, Novartis, and Johnson & Johnson — and, since its July 2024 Insurance Agency Registration, commissions on policies sold through the platform. The underlying engine is a shared AI data platform that performs real-time ingestion of insurance claim, customer health, and diagnostic data, applies AI-based cleansing, standardization, and anonymization, and runs an analytics layer for pattern analysis, prediction, and cluster analysis that serves both LifeCatch and GreenScout; a Korean data-analysis patent was granted in August 2025 in support of GreenScout's claimed 80% reduction in clinical trial failure rates and ~2-month recruitment cycles.

To date, GreenRibbon has raised approximately 3.9-4 billion KRW across a Pre-A round (March 2023, led by The Wells Investment) and a Pre-A2 round (February 2024, led by Kyobo Securities), and has received Korean government and quasi-government endorsements including TIPS (Ministry of SMEs and Startups), IBK Chang-gong, Fintech Cube, MOTIE Business Restructuring Plan approval (December 2024), Innovation Premier 1000 selection (June 2025), and ISO/IEC 27001 certification (January 2026). The company reported more than 100% year-over-year revenue growth in 2023.

Name

Green Ribbon

Legal name

GreenRibbon Corporation

Website

https://home.green-ribbon.co.kr

Company type

Private

Founded year

2020

Operating status

Operating

Short description

GreenRibbon (그린리본) operates LifeCatch, a consumer mobile app that uses AI to help Korean users discover and file missed insurance refunds (2.8M+ users, 89.3B KRW surfaced), and GreenScout, an enterprise real-world-data platform for clinical-trial patient recruitment sold to global pharma.

Ownership category

akta.pro rank

Product category

InsurTech and HealthTech Data Platform

NAICS

Software Publishers (513210), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (5182)

SIC

Services-Prepackaged Software (7372), Services-Computer Programming Services (7371)

akta.pro primary industry

Real-World Data (RWD) / Real-World Evidence (RWE) & Observational Research Platforms (HLACAOAM)

akta.pro secondary industry

Clinical Trial Informatics (EDC/CTMS/eCOA/eTMF) (HLAGAJAM)

Keywords

• AI insurance claim automation
• Real-world data analytics
• Clinical trial optimization
• Unclaimed insurance refund discovery
• Insurtech healthtech platform

Headquarters

HQ city

Daejeon

HQ country

South Korea

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

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

Revenue model

1. LifeCatch Consumer Insurance Discovery Service: Free consumer-facing service that identifies and helps file missed insurance claims; monetized indirectly via partnership/distribution deals with banks and insurers (IBK I-ONE in-app, DB Insurance, DGB Daegu Bank, Kyobo Life Financial Testbed) rather than charging end users.
2. GreenScout Clinical Trial Data Platform (Enterprise): B2B platform sold to global pharmaceutical companies (Lilly, AstraZeneca, Novartis, Johnson & Johnson) for clinical trial optimization, patient recruitment, and real-world data analytics; positioned as recurring enterprise software for pharma R&D.
3. Insurance Agency Commission Revenue: Following Insurance Agency Registration in July 2024, GreenRibbon can act as a licensed insurance agency and earn commissions on policies sold through its platform; new monetization layer leveraging the 2.8M+ LifeCatch user base.
4. Real-World-Data (RWD) Insights & Data Monetization: Aggregated, anonymized insurance and healthcare RWD fed into the analytics engine creates derivative insights for healthcare innovation, clinical trial optimization, and global pharma partnerships, supporting data-monetization revenue.

Go-to-market motion4 records

Distribution channels4 records

Marketing channels5 records

Core offering

GreenRibbon runs an AI-based data platform with two commercial products: LifeCatch, a consumer mobile app that automatically discovers and files missed/unclaimed insurance refunds (2.8M+ users, KRW 89.3 billion in cumulative refunds), and GreenScout, an enterprise clinical-trial real-world-data (RWD) analytics and patient-recruitment platform sold to global pharmaceutical companies. Both products share an integrated data center that performs AI-driven cleansing, standardization, anonymization, pattern analysis, prediction and cluster analytics on infinitely scalable cloud infrastructure.

Product overview

GreenRibbon operates a platform-with-modules architecture: LifeCatch (consumer-facing insurance-claim-discovery product, 2.8M+ users) feeds an underlying Integrated Data Center and Analytics Engine (AI-based data cleansing, standardization, prediction, cluster analysis), which in turn powers GreenScout (the newer enterprise clinical-trial data and real-world-data analytics platform). LifeCatch is the consumer/data-collection entry point; GreenScout is the enterprise healthcare-innovation module built on top of the same real-world-data hub.

Differentiator

Problem solved

Functional benefit

Brands

• LifeCatch: AI-based insurance claim automation and missed-claim discovery platform. Reported over 2.8 million customers and 89.3 billion won in cumulative customer refunds. Operates at lifecatch.co.kr.
• GreenScout

Products and services

• LifeCatch (라이프캐치) AI-based consumer insurance-claim-discovery mobile app that scans users' insurance policy data to surface missed or unclaimed insurance payouts, automates claim filing, and issues hospital documents needed for claims. 2.8M+ cumulative users with KRW 89.3 billion in cumulative customer refunds identified. Operates on GreenRibbon's AI-based Data Platform and is offered free to Korean insurance consumers, monetized via bank/insurer channel partnerships and Insurance Agency commissions.
• GreenScout (그린스카우트) Enterprise real-world-data (RWD) clinical-trial data and patient-recruitment platform built on top of the Integrated Data Center populated by LifeCatch. Delivers AI-driven clinical trial patient recruitment, pattern/predictive/cluster analytics, and an interactive dashboard for global pharmaceutical R&D. Positioned as 'Global Pharma Verified' (Lilly, AstraZeneca, Novartis, Johnson & Johnson) and marketed to compress clinical trial recruitment to ~2 months while reducing trial failure rates.
• Integrated Data Center and Analytics Engine (Real-World-Data Hub) Shared AI-based data platform layer that ingests real-time insurance claim data, customer healthcare information and medical professional diagnostic data from LifeCatch, applies AI-based cleansing, standardization, structuring and anonymization, and runs an Analytics Engine with pattern analysis, prediction, cluster analysis and an interactive dashboard. Acts as the proprietary real-world-data hub that powers GreenScout clinical-trial analytics. Built on infinitely scalable cloud infrastructure secured under ISO/IEC 27001 certification.

Quantifiable outcome

• Cumulative 89.3 billion won (KRW) in missed insurance refunds identified and recovered for LifeCatch customers
• +6 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability7 records

Feature6 records

Partnerships

18 partnerships are on record, tiered core, flagship and minor.

• KYOBO Life (교보생명)coreStrategic or Co-development Partner · 1 October 2022Selected for the Kyobo Life Financial Testbed (2022.10) and Pre-A2 round investor via Kyobo Securities (2024.02). Combines strategic pilot/testbed activity with capital investment, making Kyobo both a distribution and financial partner.
• DGB Daegu BankcoreChannel Partner/ Reseller/ Distributor · 1 September 2022Claim service partnership (2022.09) embedding LifeCatch into DGB Daegu Bank's digital channels to provide 'hidden insurance refund' discovery for DGB retail banking customers.
• DB Insurance (DB손해보험)coreStrategic or Co-development Partner · 1 July 2022Claim service partnership launched 2022.07 to embed LifeCatch inside DB Insurance channels; followed by DB Insurance providing insurtech startup investment support in 2022.09. Provides both customer distribution and capital backing.
• Industrial Bank of Korea (IBK)coreChannel Partner/ Reseller/ Distributor · 1 March 2022Strategic in-app distribution partnership: LifeCatch 'hidden insurance refund' service embedded inside IBK I-ONE Bank (2022.03) with a renewed/expanded partnership in 2022.12. IBK also selected GreenRibbon through its Chang-gong 7th program (2021.07), giving deep banking-channel distribution.
• NOVARTIS (한국노바티스)flagshipStrategic or Co-development PartnerSelected as a partner in Novartis Korea's Health X Challenge 'Meraki Marketplace' (2025.12) alongside GreenScout; also one of GreenScout's Global Pharma Verified customers. Provides enterprise pharma validation and go-to-market leverage.
• LillyflagshipStrategic or Co-development PartnerListed global pharma partner and customer of GreenScout; part of the 'Global Pharma Verified' positioning that anchors GreenRibbon's clinical trial business.
• AstraZenecaflagshipStrategic or Co-development PartnerListed global pharma partner and customer of GreenScout; contributes to 'Global Pharma Verified' positioning for clinical trial data and patient recruitment.
• Johnson & JohnsonflagshipStrategic or Co-development PartnerListed global pharma partner and customer of GreenScout; part of the 'Global Pharma Verified' coalition backing GreenScout's clinical trial platform.
• Financial Services Commission (금융위원회)minorOthersListed partner representing Korean financial regulator; supports regulatory alignment and policy access.
• Fintech Center KoreacoreGTM or Marketing PartnerGreenRibbon was selected for Fintech Cube 4th (2022.04) hosted by Fintech Center Korea; provides fintech ecosystem visibility, mentorship, and go-to-market support.
• Seoul Fintech LabminorGTM or Marketing PartnerListed GTM/ecosystem partner; Seoul-based fintech incubator supporting Korean fintech startups.
• KCA (Korea Consumer Agency)minorGTM or Marketing PartnerListed partner; Korea Consumer Agency provides consumer-rights visibility aligned with GreenRibbon's 'find missed insurance refunds' mission.
• KPMGminorImplementation/ SI/ Consulting PartnerListed professional-services partner; likely provides audit, advisory, or compliance support relevant to GreenRibbon's regulated insurance and healthcare data business.
• VEAT Law FirmminorImplementation/ SI/ Consulting PartnerListed legal advisor partner supporting GreenRibbon's regulatory, corporate, and IP matters (including the granted data-analysis patent).
• CHA UniversityminorStrategic or Co-development PartnerListed academic partner supporting healthcare innovation and clinical research collaboration.
• Hanyang UniversityminorStrategic or Co-development PartnerListed academic partner; GreenRibbon also received the HY Startup Competition Award in 2021.05.
• Korea University MedicineminorStrategic or Co-development PartnerListed academic medical partner supporting clinical trial and healthcare innovation work.
• Dongguk University Medical CenterminorStrategic or Co-development PartnerListed hospital/academic partner supporting medical-data collaboration and clinical research.

Scale indicators9 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Tempus AI: Tempus AI operates one of the largest libraries of clinical and molecular data, powering precision medicine and clinical trial optimization. It is a direct functional peer to GreenScout, monetizing aggregated clinical/RWD for pharma R&D and trial recruitment.
• Toss Insurance (Viva Republica): Toss is Korea's largest fintech super-app, offering a broad insurance product suite embedded inside its consumer app with AI-driven claim and product discovery. It is the closest Korean analog to GreenRibbon's LifeCatch: a mobile-first, in-app insurance-claim/product experience targeting Korean consumers.
• Kakao Pay Insurance (Kakao): Kakao Pay/Kakao distributes insurance products embedded inside the KakaoTalk super-app in Korea. Like GreenRibbon, it leverages a Korean consumer super-app channel for insurance discovery and distribution, making it a direct competitor on the consumer side of LifeCatch.
• Carrot Insurance (Carrot General Insurance): Carrot is a Korean mobile-first InsurTech (auto and pet insurance) built on a direct-to-consumer app model, similar in DNA to LifeCatch's mobile-first, AI-augmented Korean insurance experience. It is a direct Korean InsurTech peer, though narrower in product scope.

Broad incumbents

• Flatiron Health (Roche): Flatiron Health (acquired by Roche) builds oncology-specific real-world evidence and EHR-derived datasets used by global pharma for clinical research and drug development. It is a comparable RWD-for-pharma peer to GreenScout, with deeper therapeutic focus.
• IQVIA: IQVIA is the global leader in real-world data, clinical trial operations, and pharma R&D analytics. It is the dominant incumbent in the market GreenRibbon's GreenScout platform targets, with deeper datasets and entrenched enterprise contracts.
• Veeva Systems: Veeva provides cloud software for life sciences, including clinical trial management (Veeva Vault CTMS) and RWD/RWE platforms, directly comparable to GreenScout's pharma R&D tooling. It is a large, established enterprise SaaS incumbent serving global pharma.
• Medidata (Dassault Systèmes): Medidata provides the industry-leading clinical trial technology platform (Rave EDC, RTSM, eCOA) used by global pharma. Its patient-recruitment and trial-optimization capabilities overlap with GreenScout's positioning, and it represents the enterprise benchmark GreenScout must compete against.
• Lemonade: Lemonade is a US AI-native insurance carrier using behavioral AI and a mobile-first consumer app to sell and service policies, paralleling LifeCatch's AI-based consumer insurance automation. It is a broader incumbent in the AI-insurtech category, with wider geographic reach and a regulated carrier license.

Emerging players

• Root Insurance: Root uses telematics and AI-driven underwriting for auto insurance with a mobile-first consumer experience, conceptually similar to LifeCatch's AI-driven insurance product. It is an emerging US peer in the AI-insurtech space, with a narrower product line.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat2 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds1 record

Investors1 record

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 Green Ribbon