Digital insurers are struggling with prolonged losses and are shifting their business models, while Kakao Pay Insurance is enhancing profitability by differentiating customer experience. The company focuses on minimizing inconveniences in the claims and compensation process, leading to high customer re-enrollment rates.
Kim Hee-jun, the Chief Technology Officer (CTO) of Kakao Pay Insurance, has been at the forefront of implementing customer experience-centered insurance services. In a recent interview at the company's Pangyo office in Seongnam, Kim stated, "I believe the high re-enrollment rate is not solely due to the lowest prices. Without user convenience, ease of claims, and trust in compensation, achieving a high re-enrollment rate is challenging."
Customer satisfaction with compensation at Kakao Pay Insurance exceeds 80% on average. The re-enrollment rate for its flagship product, travel insurance, approaches 70%. In insurance, the re-enrollment rate is a key indicator showing whether customers choose the same insurer after experiencing the products and services.
Kakao Pay Insurance is integrating technology into the enrollment and claims process to reduce customer inconveniences. The company employs technology that automatically recognizes and processes supporting documents and utilizes external data to minimize the claims procedures customers must navigate.
This technology-driven service is rooted in Kim's development experience in the platform and IT sectors. Before joining Kakao Pay Insurance in 2021 as the head of technology, Kim worked as a team leader in platform architecture at SK Planet and led the advertising platform development team at 11st.
Kim emphasized, "I believe that paying claims as quickly as possible to customers who have legitimate reasons to claim is the essence of insurance. Understanding and realizing that essence to change perceptions of insurance and securing the technology to make it possible is Kakao Pay Insurance's mission."
He added, "Ultimately, I want to create a company where people feel, 'I’m glad there is an insurance company like this in our country.'"
* This article has been translated by AI.
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