Kakao Pay Sonbo Launches First Product 'Financial Safety Insurance'

[Asia Economy Reporter Changhwan Lee] Kakao Pay Insurance announced on the 11th that it has launched its first product, the 'Together Financial Safety Insurance.'

Together Financial Safety Insurance is a group insurance designed to prepare for online financial crimes, which have recently emerged as a serious social issue.

It covers online financial fraud such as voice phishing, messenger phishing, and online direct transaction fraud frequently occurring in secondhand transactions.

A process has been established to allow policyholders to apply for and receive insurance payments even before the Financial Supervisory Service's compensation decision is made.

Through this, the period until the policyholder receives the insurance payment is expected to be shortened by more than two months compared to existing insurance, greatly improving the user experience.

Through Kakao Pay Insurance's rapid payment process, policyholders can receive part of the insurance payment within 72 business hours after applying for the insurance payment.

Kakao Pay Insurance first introduced group insurance that can respond to crises together and explained that it plans to launch Financial Safety Insurance that individuals can separately contract within the year.

Choi Sehun, CEO of Kakao Pay Insurance, emphasized, “As we release our first insurance product to the world, all our crew members have thought together to properly convey the values we pursue,” adding, “We will solve insurance problems with technology and revive the intrinsic value of insurance where everyone benefits when we work together.”

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