/C O R R E C T I O N -- kakaopayinsurance/

August 27, 2024 02:28 PM AEST | By Cision

/C O R R E C T I O N -- kakaopayinsurance/ — Image source: Kalkine Media

User-Centric Innovation Drives KakaoPay Insurance's Market Leadership

Overseas Travel Insurance Tops Market with 1,500,000 Users in Just One Year
Record-Breaking Success with Mobile Phone and Driver Insurance
Innovating the Entire Insurance Process, from Enrollment to Claims
"Better Services and Benefits… Our Commitment to Innovation Continues"

SEOUL, South Korea, Aug. 27, 2024 /PRNewswire/ -- KakaoPay Insurance, South Korea's leading digital non-life insurance provider, has reached a major milestone, exceeding 1.5 million enrollments for its overseas travel insurance within just one year of its launch. This rapid growth, unprecedented in the Korean insurance industry, has catapulted KakaoPay Insurance to the top of the market, with an average monthly growth rate of 30.7%.

This success is particularly remarkable in a market where digital channels account for only 4.5% of the industry, which remains heavily dependent on physical channels such as insurance agents.

Since its founding in 2022, KakaoPay Insurance has launched a range of innovative, user-centric products, including financial safety insurance, mobile phone insurance, driver insurance, and infant insurance. By leveraging KakaoTalk, South Korea's leading messaging app used by more than 80% of the population (41 million users), the company has fully digitized the insurance experience. Every step, from enrollment to claims, has been streamlined for simplicity and convenience, with cost savings passed on to customers.

KakaoPay Insurance's offerings have quickly gained popularity through word-of-mouth, leading to a series of successes. For example, the mobile phone insurance saw one million enrollments within six months, while the driver insurance attracted over 10,000 enrollments in just one week. The company's fast and significant growth is credited to its advanced technology and a strong focus on user needs.

- Streamlined Enrollment Process: The Coverage You Need, No Extra Apps Required

Unlike traditional insurance, which often requires separate apps and lengthy login processes, KakaoPay Insurance enables quick enrollment with just a few clicks through the KakaoTalk or KakaoPay apps. The process is simplified with Kakao Sync, reducing unnecessary data entry and enabling users to set up payment information with as few as two clicks if their credit card information is already registered.

A key feature is the ability for users to customize their insurance plans by adding or removing coverage according to their needs, without the need to include unnecessary collateral. This flexibility ensures they only pay for the necessary coverage for the desired period, resulting in more cost-effective premiums.

- Simplified Claims Process: Easily File Claims 24/7

KakaoPay Insurance has also revolutionized the claims process. Using AI-based optical character recognition (OCR) technology, the company enables users to file claims and receive payments swiftly. Users can simply upload the required image-based documents to KakaoTalk, and if the paperwork is complete, claims can be processed in as little as one minute, with simple claims processed in as fast as three seconds.

Customers who do not file any claims during the insurance period may be eligible for a refund of a portion of their premiums. KakaoPay Insurance is the first of its kind in South Korea to offer a 10% no-claims bonus, with 78% of overseas travel insurance enrollees receiving this refund.

"We will continue to reward our customers with even better services and benefits, staying true to our original mission," said Youngkun Chang, CEO of KakaoPay Insurance. "The innovations we've implemented across the entire insurance process, from enrollment to claims, will continue to drive our progress."

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