Kyobo Life Planet-Kakao Pay, 'My Insurance Management' Surpasses 1 Million Cumulative Users

Mainly Used by the 2040 Generation... High Familiarity with Smart Devices, Internet, and Fintech Has a Significant Impact

[Asia Economy Reporter Oh Hyung-gil] Kyobo Lifeplanet Life Insurance announced on the 21st that the cumulative number of users of the 'My Insurance Management' service, which was launched in March in collaboration with KakaoPay, the largest lifestyle financial platform in Korea, has surpassed 1 million.

Since its official launch on March 19, the number of users of the My Insurance Management service has steadily increased, with more than 7,000 users accessing the service daily recently. As of the 12th, the cumulative number of users reached 1 million. The company analyzed that the significant increase in users was due to improvements in the simple and intuitive service interface and continuous marketing strategies such as notifications of service usage history.

Most customers who subscribed through this service were in their 20s to 40s, with an average age of 35. Given the characteristics of the KakaoPay platform, it appears to have appealed to the younger generation familiar with mobile and fintech services, and the simple and straightforward service process is cited as a key factor for its popularity.

Additionally, thanks to a customer-friendly service structure emphasizing major coverages, convenience of use was maximized, and the number of customers subscribing to multiple policies at once through 'bundle subscription' was more than four times higher than before. By emphasizing the four major coverages?death, cancer, brain disease, and heart disease?and allowing easy access to key coverage areas and analysis results, the company believes this enhanced customer convenience encouraged bundle subscriptions.

According to service analysis results, among customers who subscribed to insurance products, cancer coverage (40.2%) was the highest. This was followed by death coverage (27.4%) and brain and heart diseases (14.9%). This is interpreted as reflecting the demand for coverage in areas involving high-cost treatments for severe diseases or areas with high incidence rates.

My Insurance Management is a service developed by Kyobo Lifeplanet and KakaoPay that allows users to check their insurance subscription details and receive product recommendations based on coverage analysis results for areas of surplus or deficiency. By proposing reasonable products based on accurate subscription analysis, customers can reduce expensive insurance premiums.

Kim Sung-soo, Marketing Manager at Kyobo Lifeplanet, stated, "Through the My Insurance Management service, more customers can experience insurance coverage analysis and manage their insurance effectively. As a leading insurtech life insurance company in Korea, we will continue to lead the internet insurance market innovatively through ongoing product and service development and improvement."

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