Chairman Kim Yong-duk of the Social Contribution Committee of the General Insurance Association of Korea (GIAK).

The Social Contribution Committee of the General Insurance Association of Korea (GIAK) held a performance-sharing session dubbed the “Startup Nest” project to support youth’s creation of startups at the Korea Chamber of Commerce and Industry building on June 30.

Eleven startups of the Startup Nest project – three Insurtech Lab teams and eight Growth Track teams – participated in the session.

The event was designed to share the participating team’s business performances and publicize its products and services.

First- and second-class startup owners also took the time to share their business performances and business knowhow.

Three tech lab teams received a combined 150 million won and eight growth track teams, a combined 100 million won, based on the outcomes of evaluations.

Dignitaries, including GIAK Chairman Kim Yong-duk and Kwon Young-dae, head of financing innovation planning with the Financial Services Commission (FSC), join young startup businessmen at a performance-sharing session, dubbed “Startup Nest” project to support youth’s creation of startups at the Korea Chamber of Commerce and Industry building on June 30.

Kwon Young-dae, head of financing innovation planning with the Financial Services Commission (FSC), Chairman Chung You-shin of Korea Fin-Tech Support Center, An Yong-suk with the law firm Lee & Ko, and President Shin Ki-cheon of Atinum Investment attended the event.

Venture company representatives also participated to scan for growth potential and investment opportunities of startups run by young entrepreneurs.

The project, established in September 2018, is a new support program, offering office and home space, the first such initiative in Korea, The program, supported by GIAK, is designed to ease youth unemployment issue facing the nation and provide support to young businessmen with fresh ideas and compassion.

About 100 youth businessmen have so far benefited from the project. The 20 first- and second-class youth businessmen in the first business year between the 2nd half of 2018 and the first half of 2019 posted 3.6 billion won in new revenues and attracted 2.1 trillion won.

Apart from the first- and second-class startups, the Insurtech Lab sector was inaugurated for the 3rd class in the business year between the 2nd half of 2019 and the first half of 2020 to allow the application of innovative ideas into the insurance sector.

There, tenant startups of the Insurtech Lab join forces with non-insurance companies in exploring AI-based business models.

The Social Contribution Committee of the GIAK plans to continue to explore and nurture youth startups doing business with new ideas and innovative technologies despite the hardships caused by the spread of COVID-19.

Chairman Kim Yong-duk of the Social Contribution Committee, concurrently CIAK chairman, said, “The post-COVID era will bring about tremendous economic and social trends such as the accelerating of digital economy and the expanding of untact services.”

He expressed hope youth businessmen of the Startup Nest project will be elevated one step upward without missing growth opportunities amidst the changes.

A view of a performance-sharing session of “Startup Nest” project to support youth’s creation of startups, hosted by the Social Contribution Committee of the General Insurance Association of Korea.