Kakaopay launches products for everyday insurance needs

[Courtesy of Kakaopay Insurance Corp.]

Kakaopay Insurance Corp. will launch about 10 new insurance products in 2024, expanding its range of consumer-friendly options.

According to insurance industry sources on Sunday, Kakaopay Insurance‘s new product lineup is aimed at meeting its customers’ daily needs, including insurance products for home electronics and domestic travel.

In particular, the new product lineup places more emphasis on leisure activities, with offerings covering areas such as golf, skiing, and domestic travel. The company also plans to expand its product range to include digital items such as home electronics, building on the success it has had with mobile phone insurance. It also aims to introduce products for babies, toddlers, and parents.

In a bid to lead the embedded insurance market, Kakaopay Insurance is actively looking to collaborate with companies in other industries. One such collaboration is a travel cancellation insurance product, developed in partnership with travel agency InterparkTriple Corp. Unlike traditional travel insurance, this new offering not only covers accidents while traveling abroad, but also covers cancellation fees incurred due to changes in customers’ plans, putting them at ease right from the travel planning stage.

This latest product expansion builds on the company’s confidence gained from the success of its existing insurance offerings. Kakaopay Insurance‘s overseas travel insurance, which was launched in June 2023, hit 1 million subscriptions within 10 months, drawing attention for its streamlined claims process and easy subscription via KakaoTalk or Kakaopay.

Similarly, the mobile phone insurance introduced at the end of the same year disrupted the conventional market framework by allowing subscribers to customize their coverage and premium levels. Likewise, the driver’s insurance, launched in March 2024, quickly topped 10,000 subscribers within a week of its release and is continuing the momentum.