Kyobo Lifeplanet-Kakao Pay Strengthen Partnership for Insurance Service Cooperation

Kyobo Lifeplanet Life Insurance announced on the 13th that it has formed a partnership with Kakao Pay to promote digital technology innovation and collaborative projects in insurance services.

[Asia Economy Reporter Oh Hyung-gil] Kyobo Lifeplanet Life Insurance announced on the 13th that it has formed a partnership with KakaoPay to promote digital technology innovation in insurance services and joint business projects.

On the 12th, the management teams of both companies held a partnership ceremony and discussed specific plans for technology development and business activation. Both companies plan to strengthen their strategic partnership by revitalizing existing services and integrating new services with digital technology.

Kyobo Lifeplanet has been offering insurance products through simple insurance within KakaoPay since November last year, and has been operating a My Insurance Management service since March.

The My Insurance Management service allows users to view insurance subscription details scattered across multiple insurance companies at a glance, and also provides product recommendations for areas of over- or under-coverage based on coverage analysis results. More than 4,000 people use the service daily on average, and as of the 12th, the cumulative number of users has exceeded 250,000.

The average age of subscribing customers is 35, and the company explained that KakaoPay’s simple and easy service process strongly appeals to the younger age group.

Lee Hak-sang, CEO of Kyobo Lifeplanet, said, "In the post-COVID era, untact channels will receive great responses in all areas," adding, "We plan to introduce new platform services based on tech-fin, and will maintain a close cooperative system with KakaoPay to do our best for mutual growth."

This content was produced with the assistance of AI translation services.