The entry of new and fully digitalised insurance companies in South Korea will further boost the need for other players in the non-life sector to also digitalise to keep up with competition. According to a new AM Best report, the new entrants hold the potential to exacerbate a highly competitive marketplace in the long term. Among the expected new players is KakaoTalk, which is planning to foray into the non-life insurance segment in the first half of this year. Several other players have entered or are planning to enter the country’s digital non-life business segments to offer products such as pay-per-mile auto insurance. Large financial groups are also increasingly expressing interest in the digital non-life business, according to the report.
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