Kakao Pay General Insurance Reaches 6 Million Subscribers in 3 Years

Kakao Pay General Insurance has shaken up the insurance industry landscape in just three years since its launch, achieving the remarkable feat of surpassing 6 million cumulative subscribers. Particularly noteworthy is the fact that the 2030 generation, familiar with digital environments, is the key driving force behind its growth. This young customer base, accounting for more than half (51%) of all subscribers, is breaking the conservative mold of the existing insurance market and presenting new possibilities. The secret to this success lies in the overwhelming accessibility and convenience realized through the KakaoTalk and Kakao Pay apps. The previously complex insurance subscription process has become as easy as a daily conversation. A high re-subscription rate proves customer loyalty. Its flagship product, overseas travel insurance, boasts a 64% re-subscription rate, and a case where one user repeatedly subscribed 63 times eloquently demonstrates deep trust and satisfaction with the service. As a result of listening to customer voices, the product portfolio has rapidly diversified. Not only have B2C products increased 1.6 times in just over a year, but the scope has also expanded from products closely related to daily life, such as jeonse/monthly rent insurance, health insurance, and giftable child insurance, to long-term insurance. Expanding the business model through B2B and B2B2C partnerships is also a strategic move encompassing both businesses and consumers. Efforts to optimize the user experience from subscription to claims have continued ceaselessly. Complex terms and conditions have been simplified, and overseas travel insurance has built a nearly perfect user-friendly environment through 77 improvements. Recently introduced features for insurance claims, such as 'temporary save' and 'receive submission document list via KakaoTalk,' are expected to reduce inconvenience and accelerate compensation, thereby further enhancing customer satisfaction. Financial performance is also brilliant. In the first half of this year, insurance revenue recorded 24.1 billion won, a 72% increase compared to the previous year, and a 100 billion won capital increase provided a solid foundation for future growth. Its innovativeness has also been recognized on the global stage, winning numerous prestigious awards, including 'Digital Insurer of the Year' at the 2024 Asia Insurance Industry Awards, proving that its platform-based 'one-stop service' and 'DIY coverage' have global competitiveness. As CEO Jang Young-geun stated, 'user-centric digital innovation' is the core of Kakao Pay General Insurance's growth. Its vision to create insurance services that permeate everyone's daily lives based on technology and trust makes its future endeavors even more anticipated.