Kakao Pay Insurance announced on the 30th that the cumulative number of subscribers to its overseas travel insurance has surpassed 4 million in just two years since its launch.
Kakao Pay Insurance's overseas travel insurance adopts a DIY model, allowing users to select only the coverage they need. This enables the calculation of reasonable premiums tailored to the purpose and circumstances of each trip, without requiring unnecessary coverage. For example, if a woman in her 20s chooses only overseas hospital accident medical coverage (up to 30 million KRW) for a three-day, two-night trip to Japan, the premium is just 390 KRW.
The company further reduced the premium burden by offering additional discounts for joint enrollment or re-enrollment. When two people enroll together, they receive a 5% discount, and for groups of three or more, the discount increases to up to 10%. Customers who have previously used Kakao Pay Insurance's overseas travel insurance or long-term overseas stay insurance within the past two years are eligible for an additional 5% discount.
The fast and convenient claims process is also one of Kakao Pay Insurance's key strengths. Insurance claims can be submitted via KakaoTalk anytime, 24 hours a day, from anywhere. In the event of a flight delay, the "instant payment" service allows for prompt compensation.
Customer satisfaction with the service can be seen in the re-enrollment rate and actual user reviews. As of May, the re-enrollment rate stands at 63.5%.
Jang Younggeun, CEO of Kakao Pay Insurance, stated, "The figure of 4 million subscribers reflects the trust users have in the insurance service based on their real experiences," adding, "We will continue to deliver even more convenient and innovative services in the digital insurance market, grounded in user trust."
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