Kakao Pay Sonbo's 'Driver Insurance' Surpasses 10,000 Subscribers in Just One Week

Kakao Pay Insurance announced on the 19th that it surpassed 10,000 subscribers just one week after launching its driver insurance sales.

Kakao Pay Insurance enhanced accessibility so that anyone can easily subscribe, file claims, and spread the word through KakaoTalk. By applying Kakao Sync, insurance premiums can be calculated with one click without complicated sign-up or cumbersome information input procedures, and unnecessary information for driver insurance such as vehicle number or home address is boldly omitted to enable easy subscription. Refund benefits can also be easily checked through KakaoTalk notifications, and insurance claims can be conveniently filed 24 hours a day. Since everything from subscription to claims can be easily done on KakaoTalk, recommendations on KakaoTalk are actively taking place. 49% of all subscribers joined driver insurance through KakaoTalk sharing.

Kakao Pay Insurance’s driver insurance is a short-term general insurance that can be subscribed to for 1 to 3 years without burden, unlike other companies’ driver insurance which requires long-term subscriptions of over 10 years. Depending on individual driving experience or habits, customers can choose the coverage they need, allowing for advanced customized coverage design. Unlike existing driver insurance with fixed coverage guarantees, sufficient coverage levels can be set even with affordable premiums. In particular, while some online insurances discriminate by not allowing high coverage limits, Kakao Pay Insurance’s driver insurance covers automobile injury treatment costs, which are mentioned as essential in various driver communities, up to KRW 300,000 for grade 14 injuries and up to KRW 30 million for grade 1 injuries. This is the highest level of coverage amount currently available for driver insurance sold through online channels.

Even if subscribing to the maximum coverage for 16 items such as KRW 200 million for criminal settlement costs, KRW 50 million for attorney fees, KRW 30 million for grade 1 automobile injury treatment costs (KRW 300,000 for grade 14), and KRW 30 million for school zone fines, the monthly premium does not exceed KRW 10,000?KRW 8,060 for male drivers and KRW 5,868 for female drivers. If subscribing to only the four essential coverages mentioned above at the minimum amount for 3 years, male drivers can reduce their monthly premium to KRW 2,595 and female drivers to KRW 1,865.

The company also operates a ‘Safe Driving Discount Refund’ system that returns part of the premium if the driver drives safely without accidents. Unlike maturity refunds, which return part of the premium paid by the customer when the insurance period expires, the ‘Safe Driving Discount Refund’ returns part of the insurer’s operating expenses to the customer, borne by Kakao Pay Insurance. Unlike existing driver insurance that only provides benefits when an accident occurs, subscribers to Kakao Pay Insurance’s driver insurance can receive 10% of the total premiums paid back if no accidents occur during the subscription period through the ‘Safe Driving Discount Refund.’

Jang Young-geun, CEO of Kakao Pay Insurance, said, “Thanks to users positively evaluating the removal of inconveniences and improvement of experience they felt when subscribing to existing insurance, we were able to be chosen by 10,000 customers within one week of launch.” He added, “Although there is still a long way to go, we will listen to users’ voices and ensure that more people can benefit from driver insurance.”