Overseas Travel Insurance Tops Market with 150,000 Users in Just One Year

Revolutionary Growth in Overseas Travel Insurance

KakaoPay Insurance, South Korea's leading digital non-life insurance provider, has achieved an extraordinary milestone, surpassing 1.5 million enrollments for its overseas travel insurance within a year. This rapid ascent represents a market-leading average monthly growth rate of 30.7%. The company has managed to succeed in a sector where digital channels constitute a mere 4.5% of the market, showcasing the effectiveness of its user-focused approach.

Innovative Product Offerings

• Mobile Phone Insurance: Attracted one million enrollments in just six months.
• Driver Insurance: Garnered over 10,000 enrollments within a week.
• Financial Safety Insurance and Infant Insurance: Part of KakaoPay's diverse insurance portfolio.

Streamlined Enrollment and Claims

Enrollment has been simplified to require just a few clicks via KakaoTalk, eliminating the need for separate applications and lengthy procedures. With KakaoSync, users can set up payments effortlessly, ensuring convenience is at the forefront of their experience.

Customer-Centric Claims Process

The claims process has also seen revolutionary changes with AI-based optical character recognition (OCR) technology, allowing users to file claims easily and receive payments quickly, sometimes in under a minute. Additionally, a unique 10% no-claims bonus has attracted a further 78% of overseas travel insurance enrollees. As highlighted by CEO Youngkun Chang, KakaoPay's mission is to provide outstanding services while continuing to innovate the insurance experience.