Kakao Pay Insurance unveils first product offering

Kakao Pay Insurance announced its very first product offering this week, which is a new insurance plan that will cut down the amount of time it takes to reimburse any damages from financial fraud online. Compared to other insurance offerings in the country, the period is shortened by more than two months.

As per The Korea Times, with its new insurance plan, Kakao Pay Insurance’s goal is to cement its position in the country as the leading digital non-life insurer led by a fintech firm. From the time South Korea’s Financial Services Commission (FSC) gave its approval for Kakao to advance into the insurance business, it took six months before the company came up with its very first product.

Moreover, Kakao Pay Insurance said that its new product would remain loyal to the core essence of the company and part of its goal is for insurance holders to get benefits by resolving social problems through insurance technologies. It was noted that the first insurance product is also a collective plan where the rule is - plans have to be collectively signed by a group of holders.

Kakao Pay Insurance explained that even though the new plan is collective, subscribers can collect their coverage via a mobile messenger platform. Then again, the company is set to introduce a new product where individual holders can register, and this will be available by the end of the year.

“As we introduced the first insurance to the world, all the crew thought about it together to properly convey the values ​​we pursue. It will bring back value,” Kakao Pay Non-Life Insurance’s chief executive officer, Choi Se-hoon, said in a press release.

The CEO added, “We will innovate related industries and grow into the most loved insurance company in Korea through insurance that embraces the underprivileged, insurance that anyone can understand at once, and insurance that understands the meaning and use of premiums.”

Choi further shared they have carefully designed the new products to offer to customers. People can expect more non-life insurance plans from Kakao Pay, including life-related insurance policies that will protect them from daily risks.

"When preparing the launch of the first insurance product, all crew members strived to deliver the very core value that we seek,” he explained. “The company hoped to make every holder jointly benefit from the plan, as we seek to solve key problems through technology."