Compare and Enroll in Savings Insurance Too... Pet and Travel Insurance Available Mid-Next Month

Financial Authorities Launch Service from 27th... Naver Pay and 3 Life Insurance Companies Participate

Naver Pay Savings Insurance Comparison Platform Image. Photo by Financial Supervisory Service

Starting from the 27th, savings insurance will be added to the platform insurance comparison and recommendation service. On the 26th, the Financial Supervisory Service and the Financial Services Commission announced the launch of a savings insurance comparison and recommendation service involving Naver Pay and three life insurance companies (Kyobo Life Insurance, Samsung Life Insurance, and Hanwha Life Insurance).

Savings insurance is a product that simultaneously fulfills the purposes of insurance and savings. It provides insurance payouts in the event of a covered incident, while applying the insurer's disclosed interest rate compounded annually to accumulate a lump sum by maturity. At maturity, the policyholder’s accumulated funds can be received as a lump sum or, if retirement preparation is needed, converted into an annuity through a special contract. Tax benefits are also available if certain conditions are met, such as paying a monthly premium of 1.5 million KRW or less for at least five years and maintaining the policy for over ten years.

From 9 a.m. on the 27th, consumers will be able to easily compare various insurance products based on criteria such as refund rates and premium payment periods through the service, and receive recommendations for suitable products. All three participating insurers have set the prices of insurance products (CM) provided on their own websites to be the same as those offered through the insurance comparison and recommendation service.

According to financial authorities, the pet insurance and travel insurance comparison and recommendation services, initially scheduled for release in mid-June, are now tentatively targeted for mid-July, with ongoing discussions among providers. A financial authority official explained, "Along with detailed negotiations between providers, we plan to conduct algorithm reviews and additional condition assessments for innovative financial businesses, aiming for a mid-July launch."

For the already launched automobile and multi-peril insurance comparison and recommendation services, about 3.7 million consumers visited the service pages, and approximately 490,000 actually used the services. Among these, around 46,000 cases resulted in actual insurance contracts after moving to the insurers’ sites.

A financial authority official stated, "Various insurance product comparison and recommendation services will continue to be launched. Considering the operation period of innovative financial services (two years from the service start date), we plan to analyze operational performance and review directions for system improvements."