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Kakao Pay took its first step into the insurance business by applying for a preliminary license for a’digital non-life insurance company’.
Large insurance companies are also nervous about the advancement of platform-affiliated fintech to the insurance industry.
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.
Kakao Pay’s digital non-life insurance company plans to go through administrative procedures such as preliminary approval, corporation establishment, and main license approval, with the goal of final approval and launch in the second half of this year.
This insurer is the first fintech-led digital non-life insurer in Korea, and with’InsurTech’ (InsurTech, a combination of insurance and advanced technology) that protects users from everyday dangers, it aims to improve awareness of insurance and eliminate blind spots in insurance. I plan to focus.
Kakao Pay said, “We will promote various innovations in the rapidly changing living environment, and create synergy by developing products linked to various services of the Kakao community.”
If Kakao Pay obtains the main license for an insurance company within this year, it will be launched as the ‘3rd digital non-life insurance company’ following Carrot Insurance and Hana Insurance.
Kakao Pay is expected to begin its business in the auto insurance and short-term and micro-insurance sectors, where the product structure was standardized at the beginning of its launch.
The insurance industry is in an atmosphere that keeps an eye on the platform with explosive potential to enter the insurance industry.
An official in the insurance industry said, “Looking at the case of existing digital non-insurance companies, it takes considerable time and cost to expand the market, but Kakao Pay has the potential to increase its market share in a short period of time with Kakao, a platform provider,” he said. Even large insurers have to be nervous,” he said.
/yunhap news
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