Hanwha Life to Offer Credit Loan Service on KakaoTalk

Business Agreement with KakaoPay
Subscribers Aged 26 and Over Must Maintain Insurance for at Least 18 Months

[Asia Economy Reporter Oh Hyung-gil] Hanwha Life announced on the 8th that it has signed a business agreement with Kakao Pay to provide credit loan services through KakaoTalk.

Accordingly, users can access 'Hanwha Life Ez-Family Credit Loan' and 'Hanwha Life VIP Credit Loan' via Kakao Pay, with both products offering a loan period of one year. The 'Ez-Family' loan offers interest rates ranging from 5.4% to 14.0% with a maximum loan amount of up to 70 million KRW, while the 'VIP' loan offers interest rates from 5.0% to 10.0% with a maximum loan amount of up to 100 million KRW.

Eligible borrowers are Hanwha Life insurance policyholders aged 26 or older who have maintained their insurance contracts for at least 18 months. The service is planned to be expanded in the future to include insurance policy loans and credit loans for general customers.

The credit loan service uses the credit evaluation model (CSS) developed by Hanwha Life, which applies insurance holding information and loan usage behavior to determine loan approval. There are plans to apply a machine learning model within the first half of the year to conduct more detailed credit evaluations.

Im Seok-hyun, Executive Director of Hanwha Life's Financial Business Division, stated, "In addition to Kakao, we will continuously add loan service partnerships with various platform operators," and added, "We will expand channels so that insurance customers can conveniently access loan services anytime and anywhere, thereby enhancing customer satisfaction."