KakaoPay Insurance hits 1.5m travel insurance enrollments

It has integrated its services through KakaoTalk, which has over 41 million users.

South Korean digital non-life insurance provider, KakaoPay Insurance, bagged 1.5 million enrollments for its international travel insurance in just one year after its launch. The growth averaged a 30.7% monthly increase.

Founded in 2022, KakaoPay Insurance offers financial safety insurance, mobile phone insurance, driver insurance, and infant insurance. 

By integrating with KakaoTalk, a South Korean messaging app with over 41 million users, the company has fully digitised the experience, simplifying every step from enrollment to claims. These efficiencies have allowed KakaoPay Insurance to pass on cost savings to its customers.

The claims process is equally streamlined, utilising AI-based optical character recognition (OCR) technology. Users can file claims by uploading documents to KakaoTalk, with processing times as short as one minute for complete paperwork and three seconds for simple claims. 

Additionally, KakaoPay Insurance offers a 10% no-claims bonus, with 78% of overseas travel insurance enrollees receiving this refund.