South Korea’s tech and financial giants are set to launch online- and mobile-only insurers to attract millennial and Generation Z customers with affordable and simple products. Kakao’s mobile payment arm, Kakao Pay, is slated to launch its first general insurance unit called Kakao Pay Insurance in July, adding competition to the online-only insurance market. Kakao Pay plans to funnel KRW60bn (USD46.8m) in launching Kakao Pay Insurance. Also, Shinhan Financial Group seeks to turn its subsidiary, BNP Paribas Cardif General Insurance, into an online-only insurer. The subsidiary acquired a 94.56% interest from France’s BNP Paribas Group for KRW41bn in November last year. Tech giant Kakao and financial giant Shinhan have both obtained their respective licences to operate from the policymaking Financial Services Commission.
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