Korean startup Global E-Detail (GED.) ‘s C.E.O. David Kang wants to bring in a change in the Insurtech solution market with its behaviour analysis technology. Kang’s startup works on T.E.D. (Texting, Evidence, Driver), the system, where a character input prevention system, is used through smartphones and mobile during driving.
Kang says G.E.D.’s solution can save millions of dollars for insurance companies as it can detect the driver’s ‘texting distractions.’ Kang spoke to koreatechdesk.com about G.E.D., the technology, and how it can bring change to the Insurtech industry.
1. Please tell me about your background and what motivated you to get started with your company?
Problems and accidents caused by the use of smartphones while driving have become a global issue. So we began to develop technologies to control and monitor them. Initially, we were servicing the technology for Power Control, but due to the Corona, T.E.D. technology has become a fast pivot.
2. What is your current main product?
T.E.D. is our main product, and the letters stand for Texting. Evidence. Driver. It is important to analyze the most dangerous use of smartphones while driving. Among them, the key is to control the most dangerous aspect that is Texting while driving. T.E.D. is just that the B.B.I. (Behavior-based Insurance) analysis solution informs about drivers’ texting behavior.
3. What is the market opportunity for your product?
There is no analysis of standard technology that controls the driver’s behavior, especially the use of smartphones while driving. Recognizing the limitations of U.B.I., Behavior Based Insurance has emerged. The most dangerous thing about careless driving is the use of smartphones while driving. The Insurtech solution has two ways to deal with one through the T.E.D. block where the phone usage is blocked while driving, and another focusing on the user’s behavioral analysis. In 2019, Total Traffic Accidents in South Korea were approximately 1.59 million, with 3.1 trillion won made in insurance payments (Korean Insurance). G.E.D.’s solution can help insurance companies lose millions in claims because of the non-availability of proof of a driver’s texting behavior.
4. What’s your business model, and how have you grown your revenue? What strategy worked best?
Our solution provides direct to insurance companies, and insurance companies can provide services to the clients. The B2C market can provide driver risk information through control with TED POINT technology, while the B2B and B2G markets can be provided with TED BLOCK technology. You can control the use of your smartphone while driving.
5. Please tell me more about your founding team.
We are three foreigners who have become friends through overseas exhibitions – Swedish, Japanese, and Chinese. We have been working together for five years. Usually, we have a global meeting once a month through a business trip abroad.
6. How much money have you raised in total so far? When was the recent funding round?
We have raised $1 million. I was able to succeed in funding through friendly acquaintances in the early days of the business.
7. What are your milestones for the next round? And what are your goals for the future?
The market opportunity has come, and I hope we can find a partner who can understand well. I want to look five to ten years ahead and find a partner who can give me deep trust and faith. Second is after taking control of the market, we want to prepare for the certification market. After establishing a business model that provides insurance companies with adequate data to calculate insurance premiums, we are preparing a full-proof model that provides a basis for determining whether an accident was illegal.
8. How do you plan to expand globally?
Our team consists of foreigners from Sweden, Japan and China who can speak seven languages. So we expect to make make inroads abroad faster. Also, it is a team that can overcome variables through various experience values in development, marketing, and operation.
9. How do you handle this COVID-19 outbreak situation for your company’s survival in the future?
T.E.D. services will have better opportunities in the Corona season with demand for non-face-to-face services, A.I. and big data technologies. This is why we were quick to pivot.
10. What’s the best advice you’ve ever received? And what advice do you have for someone interested in doing similar things like yours or in a similar direction?
Don’t go too far and catch the market when it comes! Everything seems to be Timing! This is T.E.D.’s Timing.
11. How do you keep yourself motivated every day?
Trying to respect and practice Buddhist teachings. I am sure T.E.D. technology will be the standard for B.B.I.!
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