South Korea’s leading digital non-life insurance provider, KakaoPay Insurance, has hit a major milestone, with over 1.5 million enrollments for its overseas travel insurance within just a year. This 30.7% monthly growth rate showcases a significant shift in an industry traditionally dominated by physical channels, where digital options make up only 4.5% of the market.
KakaoPay Insurance’s product innovation and digital transformation
Founded in 2022, KakaoPay Insurance has expanded its offerings to include financial safety, mobile phone, driver, and infant insurance. By integrating with KakaoTalk, South Korea’s most popular messaging app, KakaoPay Insurance has digitized every aspect of the insurance experience—from enrollment to claims—making insurance more convenient and cost-effective for the country’s 41 million KakaoTalk users.
Streamlined enrollment process through KakaoTalk and KakaoPay
KakaoPay Insurance offers a quick, user-friendly enrollment process that eliminates the need for extra apps or complex logins. With Kakao Sync, users can join in seconds using their existing KakaoTalk or KakaoPay account, even utilizing pre-registered payment details. This streamlined setup also allows users to customize coverage by adding or removing options, ensuring they pay only for what they need. The focus on personalization and simplicity has significantly enhanced user satisfaction and fueled the company’s rapid growth.
AI-powered claims process: 24/7 convenience for customers
KakaoPay Insurance has set a new industry standard with its fast, 24/7 claims process, powered by AI-driven OCR technology. Customers can file claims instantly by uploading image-based documents through KakaoTalk, with most claims processed in under a minute, and some even as fast as three seconds. As an added benefit, customers who make no claims during their policy period can receive a unique no-claims refund—78% of overseas travel insurance policyholders benefit from this 10% refund.
Commitment to customer-centric innovation
"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. By prioritizing convenience and efficiency, KakaoPay Insurance is setting a new standard for digital insurance, attracting a growing user base and securing its market leadership.
