Kyobo Life Planet has announced the supply of its digital insurance marketing platform, 'LaPlay', to the Indonesian fintech company Bangjamin.
On August 19, Kyobo Life Planet revealed that it has signed a memorandum of understanding (MOU) with Bangjamin for the supply of LaPlay and local business collaboration.
Founded in 2022, Bangjamin is a digital insurance platform that has attracted investments from financial firms and venture capitalists, including SBI Group, BRI Ventures, BNI Ventures, and Blackstone Capital. The company offers services ranging from insurance enrollment to claims processing and is building a local insurance distribution network with over 30 insurance partners and more than 10,000 insurance products.
LaPlay, developed by Kyobo Life Planet, is a nurturing platform that combines health management rewards and content to gradually increase customer interest in insurance. It has already been implemented by a global insurance company in Hong Kong, where its effectiveness was validated.
Under the agreement, Kyobo Life Planet will integrate LaPlay into the Bangjamin platform. The network of over 20,000 insurance agents and distribution partners within Bangjamin will be supported in managing customer data more efficiently and nurturing potential clients.
Additionally, there are plans to supply LaPlay to other insurance companies in Indonesia by leveraging Bangjamin's existing business-to-business (B2B) network. This strategy aims to expand beyond providing solutions to a single insurer and to cover the broader local insurance industry.
The two companies plan to enhance local customers' awareness of insurance, analyze the effects of solution integration, and develop a joint business model that combines their technological capabilities and local expertise, starting with the introduction of LaPlay.
Kim Young-seok, CEO of Kyobo Life Planet, stated, "This partnership has once again demonstrated the excellent technology and growth potential of LaPlay in the Asian market. We will continue to lead the digital transformation of the global insurance industry based on our unique insurtech capabilities."
* This article has been translated by AI.
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