Teamez, the fintech startup behind used-car warranty insurance infrastructure FINCAT, has been selected for the 2026 third-round general track of TIPS (Tech Incubator Program for Startup), a private-investment-led tech startup program run by the Ministry of SMEs and Startups (MSS).
The selection follows a seed investment from the Korea Association of Industrial Intelligence. The release did not disclose the investment amount.
Teamez was selected after the association, which operates TIPS, invested in the company and recommended it for the program. Through its R&D project, titled “Explainable Decision-Making (XAI) and Personal Data Re-identification Risk Detection AI for Multi-Party Used-Car Warranty Insurance Workflows,” the company plans to refine two engines. One is a re-identification prevention engine that controls the risk of identifying individuals in insurance claim and estimate documents in real time. The other is an explainable AI (XAI) engine that generates, in natural language, the legal and technical grounds for key decisions.
Teamez was founded in January 2022 and is headquartered in Ulsan. Its main service, FINCAT, is a collaboration infrastructure built for used-car warranty insurance work. It replaces decisions once passed by hand among insurers, loss adjusters and repair shops with a single standardized workflow.
In 2025, Teamez was selected for the Financial Services Commission’s Financial Regulatory Sandbox consignment test. There, FINCAT’s stability and usefulness were validated in a real working environment. In the process, the company handled about 58,000 claims, with cumulative claim data totaling 19.7 billion won. That year it also obtained ISO 9001 (quality), ISO 14001 (environment) and ISO 27001 (information security) management system certifications. In 2026, it was certified as a venture company and a social venture company.
Teamez plans to use the TIPS selection to advance AI-based decision support and personal data protection technology. It aims to improve efficiency and transparency in insurance work.
Seongkwon Kuk, CEO of Teamez, said used-car warranty insurance is an area that needs standardized working infrastructure because its data and processes are highly fragmented. “To connect data from multiple parties, personal data protection has to be a precondition, and judgments made with AI must be explainable,” he said.
Kuk said the company will build on the association’s seed investment and the TIPS selection to advance personal data protection and explainable AI technology. “Our goal is to make the work easier so that the convenience ultimately reaches consumers,” he said. “We will grow step by step as a technology that supports insurance work, validated in the field.”