HONG KONG, Jan 24 (Bernama-BUSINESS WIRE) — New and fully digitalised insurance companies entering South Korea’s non-life industry hold the potential to exacerbate a highly competitive marketplace in the long term, according to a new AM Best report.
In its new Best’s Special Report, “New Insurers to Drive Digitalisation in South Korea Non-Life Segment,” AM Best notes that technology giant Kakao Corp., which runs South Korea’s dominant mobile messenger app, KakaoTalk, is planning its foray into the non-life insurance segment in the first half of 2022, leveraging its user base and digital ecosystem. Several other players also have entered or are planning to enter South Korea’s digital non-life business segment, offering products such as pay-per-mile auto insurance with a monthly deferred payment scheme. The report also states that large financial groups are increasingly expressing interest in the digital non-life business.
