Kakao Pay Applies for Preliminary Approval to Establish Digital Non-Life Insurance Company

Kakao Pay

[Asia Economy Reporter Oh Hyung-gil] Kakao Pay announced on the 4th that it has applied for a preliminary license from financial authorities to establish a digital non-life insurance company.

Kakao Pay plans to create Korea's first fintech-led digital non-life insurance company by combining information and communication technology (ICT) with insurance once the new digital non-life insurance company license is approved.

They aim to lead new innovations based on insurtech that protect users from everyday risks, improving awareness of insurance and addressing insurance blind spots.

Additionally, through the establishment of the digital non-life insurance company along with the corporate protection agency (GA) 'Inbyu', they plan to build a rational and differentiated insurance 'Value Chain'.

A Kakao Pay official stated, "We have been preparing the preliminary license application not only to provide an insurance sales platform but also to act as an insurance product producer that can quickly respond to user needs," adding, "With the establishment of the digital non-life insurance company, we will promote various innovations in the rapidly changing living environment and develop products linked with various services of the Kakao community to create synergy."

Meanwhile, Kakao Pay plans to proceed with procedures such as preliminary license approval, corporate establishment, and final license approval, aiming to launch the digital non-life insurance company in the second half of this year.

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