"Car Insurance, 6 out of 10 People Compare and Subscribe to Multiple Insurers"

KakaoPay Survey... Strong Comparison Tendency Among 30s
"Our Insurance Comparison Service Promotes Healthy Competition"

When purchasing car insurance, 6 out of 10 people compare multiple insurance companies before signing up.

Kakao Pay announced on the 5th that, according to a survey conducted from the 24th to the 26th of last month with 11,341 respondents, 57% (6,508 people) answered that they "compare multiple insurance companies before purchasing car insurance."

Even when broken down by generation, the proportion of users who compare and purchase insurance across all generations was high. However, the degree of preference varied. The tendency to compare insurance products was most prominent among people in their 30s. By age group, 56% of people in their 20s, 59% in their 30s, 58% in their 40s, 57% in their 50s, and 52% aged 60 and above said they compare multiple insurance companies before purchasing. The generation most inclined to prefer their existing insurance company was those aged 60 and above. Among respondents aged 60 and above, 48% answered that they "renew with the existing insurance company." For those in their 20s, it was 44%; 30s, 41%; 40s, 42%; and 50s, 43%.

With the insurance comparison service officially launched on the 19th of last month through the financial sandbox promoted by financial authorities, the proportion of financial consumers who compare and purchase car insurance is expected to increase further. Until now, financial consumers had to visit the websites of each of the 10 car insurance providers, enter personal and vehicle information, and calculate insurance premiums individually to compare car insurance premiums that fit their conditions, which was cumbersome. With the insurance comparison services provided by platforms, users only need to enter their information once to retrieve and compare premiums from multiple insurance companies at a glance.

Kakao Pay offers a "Car Insurance Comparison" service that allows users to compare car insurance from 10 non-life insurance companies (Lotte Non-Life Insurance, Meritz Fire & Marine Insurance, Samsung Fire & Marine Insurance, Carrot General Insurance, Hana Insurance, Hyundai Marine & Fire Insurance, Heungkuk Fire & Marine Insurance, AXA General Insurance, DB Insurance, KB Insurance) all at once.

A Kakao Pay representative said, "Through the launch of this insurance comparison service, the information asymmetry between financial companies and users has been resolved, opening up opportunities to compare products. We will foster fair competition among insurance products to create a fair market where users can find more affordable and higher-quality products."