South Korea’s Lotte Group invested in 2 billion won ($1.7 million) in Bomapp, a local startup operating a popular mobile insurance management solution.

Lotte Accelerator, the group’s investment arm, announced Tuesday that it injected 2 billion won in the joint 10 billion-won investment in Bomapp with six financial firms including KB Investment, DS Asset Management, PIA Asset Management, KB Securities, SJ Partners and Idea Bridge Partners.

The group said it is highly appreciating technological and innovative drive of Bomapp that has been disrupting the nation’s insurance market which is characterized as traditionalist and conservative. Lotte Group companies will also look for opportunities for business collaboration with the insurtech firm.

Launched in February 2017, Bomapp is now the country’s leading mobile insurance solution provider. Clients can receive a one-stop solution via application including monitoring their insurance policies, comparing insurance products and receiving personalized product recommendations. The app also provides insurance planners’ personal profile and career information to allow customers to choose their own planner.

Bomapp achieved 1.5 million downloads and 1 million members in just two years since launch only with help from word of mouth in the country. The total 10 billion won investment will be spent on developing new products, advancing product recommending algorithm and automating insurance claims, the company said.

Bomapp was one of the startups that have received comprehensive support from Lotte Group under L-Camp, Lotte Accelerator’s startup incubating program launched in 2016. The conglomerate’s startup sponsor has been supporting more than 100 startups through the program. It created Lotte Startup Fund worth 27.2 billion won in June last year and has so far invested in 15 startups through the fund. Last month, it invested 1.5 billion won in shared kitchen startup Simple Project.

By Lee Han-na and Choi Mira

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