KakaoPay Insurance, a digital non-life insurance provider in South Korea, has seen more than 1.5 million users sign up for its overseas travel insurance within a year of its launch.

Founded in 2022, KakaoPay Insurance has introduced a range of products, including financial safety, mobile phone, driver, and infant insurance.

KakaoPay Insurance utilises KakaoTalk, a widely used messaging app, to digitise the insurance process.

The company has streamlined services from enrollment to claims, contributing to its growth, with an average monthly increase of 30.7%.

Notably, its mobile phone insurance reached one million users within six months, and its driver insurance gained over 10,000 users in a week.

KakaoPay Insurance offers a streamlined registration process directly through KakaoTalk or KakaoPay.

Customers can customise their insurance plans, selecting only the coverage they need. This flexibility helps to reduce costs for customers.

KakaoPay Insurance has also implemented an AI-based claims process, enabling faster claim submissions and payments.

The company offers a 10% no-claims bonus to customers who do not file claims during the insurance period, with 78% of overseas travel insurance enrollees receiving this benefit.

“We will continue to reward our customers with even better services and benefits, staying true to our original mission.

The innovations we’ve implemented across the entire insurance process, from enrollment to claims, will continue to drive our progress.”

said Youngkun Chang, CEO of KakaoPay Insurance.