Kakao Pay applies for preliminary authorization for digital non-life insurers… Full-fledged advancement of the platform to the insurance industry

Input 2021.01.04 13:35

Kakao Pay announced on the 4th that it has applied for preliminary authorization to establish a digital non-life insurance company with the financial authorities. When a new license is decided, the nation’s first fintech-led digital non-life insurance company will be born. The insurance industry is in a tense atmosphere as the platform enters the insurance industry in earnest.-

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Kakao Pay Digital Insurance Company plans to focus on improving awareness of insurance and eliminating blind spots in insurance as’InsurTech’ that protects users from everyday risks.

In addition, it is planning to build a rational and differentiated insurance value chain through the establishment of a digital non-life insurance company, taking a step further from introducing innovative insurance products with’Envayou’, a corporate protection agency.

Kakao Pay’s digital non-life insurance company will go through procedures such as preliminary approval, corporation establishment, and main license approval, with the aim of launching in the second half of this year. If Kakao Pay obtains the original license for an insurance company within this year as the target, it will be launched as the’third digital non-life insurance company’ following Carrot Insurance and Hana Insurance. This is the first time as a fintech-led company.

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