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Insurance is considered one of the representative services with information asymmetry. Many subscribers give up on receiving compensation due to complex terms and procedures or are unaware of what compensation is possible. Green Ribbon is an insurtech company that resolves this information asymmetry issue with technology, helping insurance subscribers enjoy their rightful benefits. Green Ribbon CEO Cheon Myung-ho, who is expanding the scope of technology application to clinical trial recruitment and new drug demand forecasting, was met at their Yeouido office.



Insurance is a Right, Not a Benefit…Developing a Platform that Solves Everything from Coverage Analysis to Post-Management

Green Ribbon is a company with the mission of widely informing the fact that "insurance is a right, not a benefit" to realize consumer rights.

CEO Cheon Myung-ho stated, "Most insurance subscribers do not clearly know the terms of the products they have subscribed to because the content is vast and complex. For example, when a car accident occurs, they think it is difficult to be covered by driver insurance if they have already been compensated by car insurance. Even though overlapping coverage is often possible, many fail to enjoy their rights," he said. "Many give up on the complex document issuance and insurance claim procedures in their busy daily lives. In response, Green Ribbon created a platform that connects everything from finding missed insurance money, coverage analysis, design, sales, post-management, to insurance claim agency," he explained.

Green Ribbon's platform 'Life Catch' is divided into B2C and B2B uses. The B2C service assists with direct claims or claim agency for insurance money, provides details on hospital expenses and received insurance money, recommends hospitals by symptoms, and offers a hidden insurance money search function.


The B2B Software as a Service (SaaS) for insurance companies helps them make quick decisions in the payment review (forgery, pre-existing conditions) field based on AI, and automates repetitive tasks to improve work efficiency.


CEO Cheon Myung-ho said, "After officially launching the Life Catch app in 2021 and analyzing user data, it was found that many missed small insurance claims under KRW 500,000, rather than high diagnostic fees. Many users were unaware of information about hospitals they had visited for over three years or that the right to claim indemnity insurance expires after three years, so we offered a hidden insurance money search. By providing only the necessary documents for insurance claims using large language models (LLM) and retrieval-augmented generation (RAG) functions, we also helped reduce issuance costs," he said. "This function received a great response. As of September 2025, the Life Catch app has 2.4 million subscribers. Many members actively use the hidden insurance money search, and some have requested insurance claim agency services, achieving 410,000 cases. By enhancing the service based on sophisticated data such as the National Health Insurance Corporation's health checkup data, we were able to supply the hidden insurance money search and claim agency services to Toss and various insurance companies. Presenting Life Catch on various platforms was effective," he added.

He continued, "There are many memorable users, but in July, a customer who didn't even know they had insurance money to reclaim for three years received KRW 614,700 through Life Catch. The customer was so moved by the unexpected refund that they called the customer center to express their gratitude, and this experience instilled great pride in all members. This served as an opportunity for the entire team to reaffirm their mission of restoring policyholders' rights and unite," he said.

Green Ribbon is not satisfied with these achievements and is committed to research and development to provide more sophisticated services.

CEO Cheon Myung-ho stated, "Although Life Catch has 2.4 million subscribers, considering that there are about 48 million insurance subscribers in total, I think there is still a long way to go. We will accelerate the distribution of the service so that more people can find missed insurance money and simplify cumbersome claim procedures," he said. "To this end, we are focusing on enhancing the service to solve all processes related to insurance with technology. For example, we plan to provide a specialized AI assistant for insurance subscribers that helps with insurance-related inquiries and post-management. This year, we completed the standardization of the claim agency process, the enhancement of coverage analysis (incorporating LLM), and the design of a simple review support flow, laying the foundation for developing a specialized AI assistant," he said. "However, there are still limitations on the scope of work that AI can perform, so we are continuously pursuing collaboration with partners, independent adjusters, insurance companies, and planners. We also plan to create and provide support tools that they can use," he added.

He continued, "In the process of developing the B2B SaaS service provided to insurance companies, we were selected for the Jungle ASAP program jointly organized by SeoulTech and AWS, which was a great help," he said. "Through this program, we were able to grasp the direction Green Ribbon should take based on market strategies, pricing strategies, and technical strategies necessary for SaaS companies, as well as SaaS references from other companies," he said.

Expanding Business Areas into Healthcare Using Over 2.4 Million Indemnity Insurance Claims and Medical Histories

Green Ribbon also launched a new business solution, 'Green Scout,' which includes clinical trial data analysis and clinical subject recruitment functions.


CEO Cheon Myung-ho stated, "In the process of operating Life Catch, we analyzed and helped refund indemnity insurance claims and medical histories of over 2.4 million people. In this process, high-quality data with high purity was accumulated. Based on this data, we developed Green Scout to quickly and accurately find clinical trial subjects and reduce the probability of recruitment failure. Previously, finding clinical trial subjects involved visiting each hospital, searching blogs, and even attaching advertisements in subways, which was challenging," he said. "Due to these inconveniences, it took about 140 days to recruit clinical trial subjects, but with Green Scout, it is possible to recruit subjects in an average of 14 days. This is because it allows for the selection and search of only customized clinical trial subjects based on the indemnity insurance claim data and medical and medication data accumulated by Green Ribbon. Thanks to this, pharmaceutical companies and research institutions have reported that they were able to achieve cost savings along with the effect of shortening clinical trial periods," he said.

He continued, "The indemnity insurance claims and medical history data of over 2.4 million people are also usefully utilized in finding new drug candidates. This is because accurately recruiting clinical trial subjects leads to successful new drug development," he said. "We are also expanding collaboration with companies that need new drug demand forecasting and analysis. We expect Green Scout to be usefully utilized in the healthcare field," he said.

Finally, CEO Cheon Myung-ho emphasized that they will continue to focus on developing services that provide practical value to consumers.

He said, "I have not forgotten the numerous trials and errors experienced in the early days of the company's establishment. To verify the accuracy of the service, we manually identified insurance money, numerous diagnostic codes, and whether they were covered," he said. "With the conviction that we could provide a useful service to many, we were able to overcome the trials and errors and present Life Catch. Receiving feedback thanking us for finding hidden insurance money gives us pride and a sense of accomplishment," he said.


He continued, "In the future, we will advance the service by expanding the automation area. For example, we plan to modularize document, judgment logic, and consultation assistant to help reduce repetitive work costs," he said. "We will focus on the clinical trial field, a new business, and present the Life Catch app that encompasses not only the insurance industry but also health, insurance, finance, and healthcare fields," he said.

IT Dong-A Reporter Kim Dong-jin (kdj@itdonga.com)

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