Through this collaboration, Pacific Life Re and Kakao Pay Insurance will jointly develop app-exclusive health insurance products and services, aiming to streamline and enhance the insurance buying experience.

Kakao Pay, with its extensive user base and advanced technology, will leverage its platform to distribute Pacific Life Re’s insurance products. This partnership will allow both companies to tap into the growing demand for digital insurance solutions in South Korea.

Kakao Pay Insurance, established in 2022, has already gained significant traction, with over 1.5 million users signing up for travel insurance within its first year of operation.

Yoke Yin Lee, head of South Korea, Protection said: “This is a significant step for Pacific Life Re, demonstrating our commitment to the market as we continue to enhance our propositions. We are delighted to be joining forces with Kakao Pay Insurance to deliver opportunities to significantly transform and redefine the local life insurance industry.” 

Youngkun Chang, the CEO of Kakao Pay Insurance also commented, saying: “We are excited about the opportunities ahead and are confident that this partnership will be mutually beneficial to both parties. Our goal is to be the life insurance platform in South Korea, and we look forward to making this a reality with Pacific Life Re.”