"Mobile Insurance Gifting... Insurance Sales Standards and Regulations Must Be Clarified"

"MZ Generation Targeted Insurance Coupon Evolution"

[Asia Economy Reporter Oh Hyung-gil] The 'insurance gifting' service offered on mobile shopping platforms is expected to contribute to the growth of the convenient insurance market closely linked to everyday life.

On the 4th, Son Jae-hee, a research fellow at the Korea Insurance Research Institute, stated in the report "Current Status and Implications of Mobile Insurance Gifting" that "With the designation of the insurance mobile gift certificate service using online shopping platforms as an innovative financial service, it has become possible to purchase or gift insurance online."

The Financial Services Commission designated 15 innovative financial services on December 22 last year, allowing the insurance mobile gift certificate service using online shopping platforms. Previously, under the Insurance Business Act, selling insurance mobile gift certificates online was considered solicitation, which made sales impossible due to unqualified solicitation and payment of solicitation fees.

Currently, Kakao Commerce, together with Coupfi Maps, offers and sells 12 types of mini-insurance on KakaoTalk Gift, including one-day golf hole-in-one insurance, car camping insurance, hiking insurance, pet insurance, filial piety insurance for parents, diet insurance, and single safety insurance.

Consumers purchase insurance directly within KakaoTalk's Gift feature and gift it to others, who then receive coverage under the respective insurance. The insurance premiums range from a minimum of 900 KRW to a maximum of 20,000 KRW, classified as microinsurance, and the insured recipients do not require underwriting.

Coupfi Maps acts as an intermediary by receiving insurance products from insurance companies and selling them, while insurance companies pay solicitation fees to Coupfi Maps, and Coupfi Maps pays advertising fees to Kakao Commerce.

Research fellow Son explained, "Mobile insurance gifting differentiates itself from traditional insurance and insurance services as it represents the evolution of insurance coupons, aligns with the MZ generation's consumption patterns naturally using mobile in daily life, and integrates a mobile-centric ecosystem."

He also pointed out the need to clearly establish guidelines for insurance sales through online and mobile platforms to ensure stable provision of mobile-based insurance services.

Son suggested, "According to the Financial Services Commission's announcement on online financial platform service cases, the current method of providing insurance services through online platforms is considered unregistered brokerage rather than simple advertising agency, thus subject to the Financial Consumer Protection Act and requires correction," adding, "Clear standards and regulations for insurance sales via online and mobile platforms should be presented."

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