Kakao Pay Insurance announced on the 30th that the number of subscribers to its overseas travel insurance has exceeded 4 million in just two years since its launch. This figure represents an increase of 1 million in just four months since surpassing 3 million in February. As of last month, the re-enrollment rate was recorded at 63.5%.
Kakao Pay Insurance's overseas travel insurance adopts a DIY method that allows users to select only the coverages they need, making it possible to calculate reasonable premiums according to travel purposes and situations without unnecessary collateral subscriptions. For example, if a woman in her 20s chooses only overseas hospital medical expenses coverage (30 million won) to prepare for injury risks during a 2-night, 3-day trip to Japan, the premium is 390 won.
If users return home without incidents, their insurance premium burden decreases further. Kakao Pay Insurance's 'Safe Return Refund (Incident-free Refund),' a first in the industry, is a service that refunds 10% of the paid premium (up to 30,000 won) to users who return without accidents during their travels. As of last month, 75% of all subscribers received the incident-free refund, totaling about 2.7 billion won in benefits for users.
Kakao Pay Insurance's fast and easy compensation process is also one of its major strengths. Users can claim their insurance benefits anytime, anywhere, through KakaoTalk, and in the event of flight delays, they can receive quick compensation through the 'Immediate Payment' service.
Among the 8,048 reviews registered on the Kakao Pay Insurance product page as of the 26th, 97% received positive evaluations.
Chang Young-keun, the CEO of Kakao Pay Insurance, noted, "The figure of 4 million reflects the trust users have in the insurance services they have actually experienced," adding, "We will continue to provide more convenient and innovative services based on user trust in the digital insurance market."