Kakao Pay Insurance announced that it has surpassed 10 million cumulative subscribers in just four years since its launch. This follows a significant milestone last year when the company exceeded 6 million subscribers within three years, adding 4 million more in just one year.
The increase in subscribers can be attributed to both new customer acquisitions and repeat enrollments from existing customers. Notably, 52% of all subscribers have signed up for insurance more than once, with a 70% re-enrollment rate for overseas travel insurance. Approximately 50% of customers have enrolled in overseas travel insurance three times or more, with one customer reportedly signing up 82 times.
Kakao Pay Insurance attributes its high re-enrollment rates to enhanced customer convenience throughout the insurance process, from enrollment to claims payment. Since the launch of its overseas travel insurance, the company has made over 160 improvements to coverage details, enrollment procedures, and user interface based on customer feedback and demand.
The claims process has also been streamlined. For mobile phone insurance, 55% of claims were paid within 24 hours, and there have been instances where overseas travel insurance claims were paid in as little as one second. Through its safety return bonus program for overseas travel insurance, the company refunded a total of 4.7 billion won to 400,000 customers who returned home without incidents.
The company has also seen significant growth in its financial performance. In the first half of this year, total insurance revenue increased by 83% compared to the same period last year, while monthly insurance revenue rose by 147%.
Jang Young-geun, CEO of Kakao Pay Insurance, stated, "Surpassing 10 million cumulative subscribers in just four years is a significant achievement, reflecting that users have chosen and returned to Kakao Pay Insurance's products and services. We will continue to develop our products and services to make insurance easier and more convenient, allowing customers to experience the value of insurance when they need it most."
The increase in subscribers can be attributed to both new customer acquisitions and repeat enrollments from existing customers. Notably, 52% of all subscribers have signed up for insurance more than once, with a 70% re-enrollment rate for overseas travel insurance. Approximately 50% of customers have enrolled in overseas travel insurance three times or more, with one customer reportedly signing up 82 times.
Kakao Pay Insurance attributes its high re-enrollment rates to enhanced customer convenience throughout the insurance process, from enrollment to claims payment. Since the launch of its overseas travel insurance, the company has made over 160 improvements to coverage details, enrollment procedures, and user interface based on customer feedback and demand.
The claims process has also been streamlined. For mobile phone insurance, 55% of claims were paid within 24 hours, and there have been instances where overseas travel insurance claims were paid in as little as one second. Through its safety return bonus program for overseas travel insurance, the company refunded a total of 4.7 billion won to 400,000 customers who returned home without incidents.
The company has also seen significant growth in its financial performance. In the first half of this year, total insurance revenue increased by 83% compared to the same period last year, while monthly insurance revenue rose by 147%.
Jang Young-geun, CEO of Kakao Pay Insurance, stated, "Surpassing 10 million cumulative subscribers in just four years is a significant achievement, reflecting that users have chosen and returned to Kakao Pay Insurance's products and services. We will continue to develop our products and services to make insurance easier and more convenient, allowing customers to experience the value of insurance when they need it most."
* This article has been translated by AI.
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