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New non-life insurers to boost digitalisation of industry in South Korea

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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