[Asia Economy Reporter Suyeon Woo] The joint venture to establish a digital non-life insurance company, which was being pursued by KakaoPay and Samsung Fire & Marine Insurance, has fallen through.
According to industry sources on the 26th, the two parties failed to narrow their differences during discussions on the joint digital non-life insurer and have halted the establishment process. It is reported that there were opposing views between the two sides regarding the business direction for launching online car insurance and the verification of profitability.
KakaoPay, Kakao, and Samsung Fire & Marine Insurance formed a task force (TF) last September to establish a digital non-life insurer and have been preparing a preliminary approval application. The two parties will maintain their strategic partnership, including expanding the types of lifestyle-oriented insurance sold by Samsung Fire & Marine Insurance through KakaoPay.
Although the joint venture establishment has been canceled, KakaoPay plans to independently pursue the establishment of a digital non-life insurer. A KakaoPay official stated, "We plan to promptly submit a preliminary approval application as soon as consultations with financial authorities are completed."
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