NCRM

What NCRM does

NCRM (엔씨알엠보험중개 / NCRM Insurance Brokerage Inc.) is a privately held South Korean insurance brokerage firm founded in 2004 and headquartered in Seoul. It was Korea's first insurance brokerage specialized in Trade Credit Insurance and Mortgage Insurance and operates as an independent brokerage corporation legally authorized to represent policyholders, distinguishing it from insurer-tied agents or agency channels. The firm serves SMEs with annual revenue of KRW 10 billion or more, exporters and companies with overseas subsidiaries, large enterprises and conglomerates, and wholesale/distribution businesses across domestic and international markets.

Its core offerings span accounts receivable credit insurance, export insurance, surety bonds, factoring, corporate credit information and debt collection, and Buy Now Pay Later (BNPL) solutions. In May 2024, NCRM established a dedicated Credit Risk Research Team to develop internal corporate credit risk evaluation models, accounts receivable securitization strategies, and innovative B2B online transaction financial products. Technology differentiation rests on domain-specialized expertise rather than proprietary software; the firm partners with five world-leading insurers (SGI Seoul Guarantee, Allianz, Atradius, Coface, AIG) and leverages a global network of 706 insurance brokers across 140 countries as part of the 10-country Global Credit Insurance Network (10 GTCA).

NCRM's revenue model is exclusively commission-based: it charges no additional consulting or contract fees to clients and earns brokerage commissions from insurance carriers that underwrite the placed policies. Insurance premium rates typically range from 0.071% to 0.804% of total expected insured sales per buyer, with total claimable compensation generally capped at up to 30 times the confirmed premium. The firm operates with approximately 5 employees, pursues sales through direct consultation, website inquiry forms, on-site corporate training, seminars, and its global broker network, and participates in international insurance industry events (e.g., Atradius Brokers Night, Euler Hermes regional summits, Asia Insurance Summits). Policy enrollment is reported within 3-4 weeks and claim payments within approximately one month.

Name

NCRM

Legal name

엔씨알엠보험중개(주)

Website

https://ncrm.biz

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

1–10 employees

Short description

NCRM is a Seoul-based insurance brokerage firm specializing in trade credit insurance and related credit risk management solutions. Founded in 2004, it serves Korean SMEs, exporters, and large enterprises through partnerships with five global insurers and a network of 706 brokers across 140 countries.

Ownership category

akta.pro rank

Headquarters

HQ city

Seoul

HQ country

South Korea

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Insurance Brokerage Commissions: NCRM operates as an insurance broker and earns commissions from insurance companies for placing insurance policies. No additional fees are charged to clients for consulting or contract services. NCRM structures optimal insurance terms, selects suitable insurers, and assists with claims management on behalf of clients.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

NCRM is an independent insurance brokerage firm that places trade credit insurance, export insurance, surety bonds, factoring, BNPL, and corporate credit information/debt collection products on behalf of Korean enterprises. The company acts as a legally authorized policyholder representative, comparing terms across multiple insurers (SGI, Allianz, Atradius, Coface, AIG) to design optimal coverage, reduce premiums, and manage claims. Its offerings target SMEs, exporters, and large enterprises with KRW 10 billion or more in annual revenue seeking protection against buyer default.

Product overview

NCRM is an insurance brokerage firm offering a comprehensive portfolio of credit risk management products centered on Accounts Receivable Credit Insurance. The portfolio includes Export Insurance, Surety Bonds, Factoring, Corporate Credit Information/Debt Collection, and BNPL solutions. These products work together to help businesses manage credit risk, strengthen cash flow, and increase stability and profitability in both domestic and global markets. The company also maintains a Credit Risk Research Team established in May 2024 that develops evaluation models and innovative financial products.

Differentiator

Problem solved

Functional benefit

Products and services

• Trade Credit Insurance (Accounts Receivable Credit Insurance) Insurance product that protects businesses against the risk of non-payment on credit sales, compensating for losses when buyers fail to pay on time. Coverage scope includes domestic and international receivables. For Korean enterprises with annual revenue of KRW 10 billion or more.
• Export Insurance Insurance product that mitigates and compensates for credit risks and uncertainties arising from international trade transactions, supporting Korean exporters with cross-border buyer default protection.
• Surety Bonds (보증보험) Surety insurance that issues documentation to enhance transactional trust and maintain stable business relationships, supporting contract performance and guarantee needs.
• Factoring Service that improves corporate cash flow by facilitating early conversion of accounts receivable into cash, relieving the receivables management burden for businesses.
• Corporate Credit Information & Debt Collection Service that analyzes counterparties' creditworthiness and minimizes client losses through effective recovery of overdue receivables.
• BNPL (Buy Now, Pay Later) Payment solution that allows buyers to purchase immediately and pay later, boosting consumer satisfaction while increasing sellers' revenue. Targeted at wholesale and distribution companies that cannot easily require collateral from buyers.

Quantifiable outcome

• Premium savings through terms optimization — insurance brokers can reduce premiums by optimizing insurance conditions (threshold levels, coverage multipliers, scope of coverage)
• +4 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core.

• SGI Seoul Guarantee InsurancecoreStrategic or Co-development PartnerSGI Seoul Guarantee Insurance (SGI) is a leading South Korean guarantee and surety insurance company. It is described as a key Korean insurance partner providing credit insurance, surety insurance, risk management, loan guarantees, contract bonds, and credit guarantee products. NCRM works with SGI to structure and underwrite credit insurance policies for Korean clients, accessing SGI's domestic and international receivables coverage capabilities. SGI's products cover both SMEs and large enterprises.
• AllianzcoreStrategic or Co-development PartnerAllianz is one of the world's largest insurance and financial services providers, headquartered in Munich, Germany, founded in 1883. With a presence in over 70 countries and serving more than 126 million customers, Allianz offers property and casualty insurance, life and health insurance, asset management, and corporate insurance solutions. NCRM leverages Allianz's global reach and product portfolio for international credit risk management.
• AtradiuscoreStrategic or Co-development PartnerAtradius is a credit insurer founded in 1925 and based in Amsterdam, Netherlands. Active in over 50 countries, Atradius provides risk management solutions and debt collection services to businesses across various industries. NCRM partners with Atradius for credit insurance placement and is an active participant in Atradius broker events (e.g., 2024 Atradius Brokers Night).
• CofacecoreStrategic or Co-development PartnerCoface is a credit insurer established in 1946 and headquartered in Bois-Colombes, France. With more than 70 years of history and operations in over 100 countries, Coface delivers credit insurance solutions and credit risk analysis services worldwide. NCRM collaborates with Coface to provide global credit insurance coverage to its clients.
• AIGcoreStrategic or Co-development PartnerAIG is a global insurance and financial services enterprise operating in over 80 countries. It offers comprehensive financial solutions to both businesses and individuals, supporting diverse risk management needs. NCRM partners with AIG to leverage its global insurance capabilities for serving clients with international credit risk exposure.

Scale indicators8 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Arthur J. Gallagher & Co. Global insurance brokerage and risk management services with growing Asia-Pacific operations including Korea. Comparable to NCRM as an independent multi-carrier broker, though with broader product lines (employee benefits, claims management) and far greater scale across multiple geographies.
• Allianz Trade (formerly Euler Hermes): World's largest trade credit insurer and a NCRM carrier partner. Comparable as the dominant direct underwriter of trade credit insurance, with integrated brokerage capabilities and a global footprint that overlaps NCRM's distribution territory, creating both partnership and competitive overlap.
• Coface: Global credit insurer operating in 100+ countries and a NCRM carrier partner. Comparable as a direct underwriter competing with NCRM's placement role, but with the ability to also serve clients directly through proprietary broker channels and digital platforms like TradeLiner.
• Aon: Global professional services firm with substantial insurance brokerage operations in Korea, including trade credit insurance placement. Comparable to NCRM in serving corporate clients with risk transfer solutions, but at significantly larger scale and broader portfolio spanning reinsurance, health, and risk consulting.
• Atradius: Major global credit insurer active in 50+ countries and a NCRM carrier partner. Comparable as a direct underwriter of trade credit insurance whose Korean distribution decisions directly affect NCRM's policy flow and commission revenue, with Atradius actively investing in broker relationships in the region.
• Marsh McLennan: Global insurance brokerage and risk advisory firm with operations in Korea and a dedicated credit insurance practice. Comparable to NCRM as a multi-line insurance broker serving corporate clients, though at vastly larger scale and broader product scope across P&C, credit, and specialty lines.
• AIG: Global insurance and financial services firm operating in 80+ countries and a NCRM carrier partner. Comparable as a multi-line insurer with credit insurance capabilities whose Korean underwriting appetite shapes NCRM's product availability, while also competing for the same corporate client relationships.
• Lockton: World's largest independent insurance brokerage with Asia operations. Comparable to NCRM as an independent broker (not captive to a single carrier) serving corporate clients with specialized risk solutions including credit insurance, while emphasizing entrepreneurial and client-advocate positioning similar to NCRM's value proposition.
• WTW (Willis Towers Watson): Global advisory and insurance brokerage with Korean presence and a credit insurance specialty practice serving multinational corporates. Comparable to NCRM as a brokerage intermediary placing trade credit insurance across multiple carrier partners, though WTW operates at far greater scale and broader advisory scope.

Emerging players

• Howden: Independent global insurance broker with expanding Asian footprint. Comparable to NCRM as an independent broker targeting specialty commercial risks, though Howden operates at much broader scale across multiple lines of business and has been rapidly growing via acquisitions in Asia-Pacific.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/ncrmkor

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

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 NCRM