Dongyang Life Insurance and Kakao Pay held a business agreement ceremony on the 6th at Dongyang Life Insurance headquarters in Jongno-gu, Seoul, to lead innovation in insurtech and took a commemorative photo. (Fourth from the left, Kim Tae-hyun, Executive Director of Dongyang Life Insurance, and fifth from the left, Oh Seung-jun, Head of Kakao Pay Payment Business Division)
[Asia Economy Reporter Changhwan Lee] Dongyang Life Insurance announced on the 7th that it has signed a mutual business agreement (MOU) with the lifestyle financial platform KakaoPay to lead innovation in insurtech and has launched an insurance premium payment service through KakaoPay.
The main contents of the agreement include regular insurance premium payments through KakaoPay, discovering new business models for insurtech innovation, and continuous collaboration for innovation.
Dongyang Life Insurance sends a payment notification message when customers confirm their subscription and wish to pay via KakaoPay, enabling customers to pay not only the initial premium but also the ongoing premiums through KakaoPay. This is the first case where customers can pay both the initial and ongoing insurance premiums via KakaoPay when purchasing insurance through an agent.
In October, a service for unpaid insurance premium invoices will be launched, and notification messages will be sent to customers with overdue premiums, making it possible to prevent contract cancellations due to non-payment.
A Dongyang Life Insurance official said, “We are pleased to provide a higher level of customer service to our customers through collaboration with the lifestyle financial platform KakaoPay, and we look forward to further cooperation in the future,” adding, “We will continue to improve services centered on customer convenience and experience to become the best Asian financial company providing the finest insurance services.”
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