Kakao Pay Insurance Surpasses 6 Million Subscribers in Three Years Since Launch

Kakao Pay Insurance announced on October 27 that it has surpassed 6 million cumulative subscribers just three years after its launch.

The growth of Kakao Pay Insurance has been driven by Millennials & Gen Z. An analysis of policyholders by age shows that those in their 20s account for 25%, and those in their 30s account for 26%, meaning that Millennials & Gen Z make up more than half of the total. The high proportion of subscribers in their 20s, who have traditionally been outside the main customer base of the insurance market, is attributed to improved accessibility and convenience through the KakaoTalk and Kakao Pay applications.

The repurchase rate for its flagship overseas travel insurance product stands at 64%. There was even a case where a single user purchased the insurance up to 63 times.

Kakao Pay Insurance has focused on diversifying its product portfolio to reflect user demand. As a result, the number of B2C (business-to-consumer) products expanded from eight in September last year to thirteen in just over a year, a 1.6-fold increase. This year alone, the company has expanded its lineup to include practical, lifestyle-oriented products such as monthly rent insurance, direct transaction rent insurance, health insurance, gift insurance for children, and domestic travel insurance for groups, as well as long-term insurance. In addition, by continuously expanding partnership products such as B2B (business-to-business) and B2B2C (a combination of B2B and B2C), the company has established a strategic business model targeting both corporate clients and consumers.

The 'user-centric' strategy, which is the key driver of growth, has been applied across all services. From the very beginning, Kakao Pay Insurance has focused on simplifying complex policy terms and specialized jargon, and minimizing user inconvenience from enrollment to claims.

Recently, the company completely overhauled its entire insurance claim process, introducing new features such as 'temporary save' and 'receive list of required documents via KakaoTalk.' By reducing unnecessary steps and accelerating compensation, the company expects to significantly improve the user experience and satisfaction with claims.

The company continues to show visible growth in performance. In the first half of this year, Kakao Pay Insurance recorded insurance revenue of 24.1 billion won, a 72% increase compared to the same period last year. This achievement was driven by strengthened product competitiveness and high user loyalty. Recently, the company also completed a paid-in capital increase of 100 billion won, enhancing its capital soundness and external credibility. This has established a stable foundation for new product development and the implementation of future growth strategies.

Kakao Pay Insurance has also been recognized for its digital innovation in the global market. It was named 'Digital Insurer of the Year' at the 2024 Asia Insurance Industry Awards, '5-Star Insurance Innovation Company of the Year,' and won the 'Technology Innovation' category at the 2025 Insurance Innovation Awards.

Jang Younggeun, CEO of Kakao Pay Insurance, stated, "User-centric digital innovation has been the driving force behind our growth," adding, "We will continue to develop insurance services that more users can experience in their daily lives, based on technology and trust."

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