Kakao Pay Insurance announced on the 11th that it will expand the overseas travel insurance re-subscription discount to all users, driven by the increasing demand from long-term subscribers.
The 5% discount on overseas travel insurance re-subscription (within 2 years), which was previously only applied to short-term travel products of 3 months or less, will now be applied to all users regardless of the subscription period. As a result, Kakao Insurance overseas travel insurance users can enjoy overlapping benefits such as group discounts (5% for 2 people, 10% for 3 or more), no-claim refunds (10%, up to 30,000 KRW), and re-subscription discounts (5%).
Kakao Insurance explained that since extending the coverage period to a maximum of 1 year last September, the number of long-term travel product subscribers has been increasing. The purposes of subscription are diverse, including studying abroad, working holidays, long-term overseas travel, living abroad for several months, world travel, language training, overseas internships, training, employment, assignments, dispatch, and volunteering. The average subscription period for long-term travel product subscribers is about 234 days, with 51% traveling to English-speaking countries, followed by Asia at 43%, and Europe at 6%.
Younggeun Jang, CEO of Kakao Insurance, said, “The DIY (Do It Yourself) coverage, which allows users to add or remove the coverage they need according to their overseas stay period and situation, is receiving a good response from users,” and added, “We will continue to offer a wide range of coverage and insurance products that can prepare for more diverse situations.”
Meanwhile, Kakao Insurance’s overseas travel insurance surpassed 2 million cumulative subscribers last month, just 1 year and 4 months after its launch.
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