Kakaopay Insurance - Insurer Innovation Award 2024

1. Submission for Insurer Innovation Award 2024
Utilizing messenger app as an end-to-end insurance service platform
with hassle-free features
Kakaopay Insurance
2024. 04. 30.
Kakaopay Insurance confidential and proprietary information. Not for Distribution

2. 2
About Kakaopay Insurance
Kakaopay Insurance is a South Korea based digital insurer, which provides end-to-end insurance service
digitally via Korea’s No.1 messenger app, Kakaotalk1 (Korean Whatsapp).
41Million user
(80% of the population)
✓ General Insurer (Digital-only)
✓ Launched 5 Products
• 2 B2B Products - Financial Fraud, Golf
• 3 B2C Products - Travel, Smartphone Protection,
Driver
✓ Main Service Channel:
Kakaotalk (Messenger app)
✓ Established in 2022 By choosing the messenger that almost every Korean
use everyday as our service channel, we have made
ourselves easily accessible for everybody.
Chatting Room
(Our Business Account)
Kakaopay – Insurance section
(Payment and Finance related
inapp service within Kakaotalk)
Customers can reach our services through 2 access
points within Kakaotalk app.
1 2
Note: 1) Kakaopay Insurance is one of subsidiaries of Kakaotalk

3. Kakaopay Insurance operates 2 different
business channels (accounts) in Kakaotalk.
1. Account where our new/potential
customers can navigate our services,
file claims
2. Customer service center account, of
which major functions are providing
answers to simple inquiries by
chatbots, and 1:1 live chat support and
resolutions
3
Access point to Kakaopay Insurance Chatting Room
a
b
a
b
Services provided:
i. File claims (track request status)
ii. Get policy information (status,
start/end dates, etc.)
iii. View/Download policy related
statements, terms & conditions
iv. Change payment methods
v. Check Kakaopay Insurance
products information
vi. Update personal information
vii.Get live chat support and
resolutions
viii.Get simple inquiries answered
from chatbot
1
We are the first insurer in Korea to use Kakaotalk as the major customer service channel. Other insurers rely
heavily on offline channels such as insurance planner.

4. 4
Access point to Kakaopay Insurance Kakaopay
[Kakaotalk in-app services
List]
[Kakaopay Page] [Kakaopay-
Insurance Section]
Services provided:
i. Access pages to get quote for our
B2C insurance policies (Travel,
Smartphone Protection, Driver)
ii.For those who already purchased
policies, they can also view related
statements and file claims via
Kakaopay
• Kakaopay is Kakaotalk’s in-app service
which provides finance related services
including payment.
Sitemap
Insurance
2
Note: 1) It also operates its own app, which provides identical services as those in Kakaotalk
Our customers can also reach our product pages through either Kakaopay within Kakaotalk or Kakaopay app1.
Kakaopay
Section

5. 5
Background Information – Insurance Sales Channel in Korea
The digitalization of Korean insurance industry is taking place slowly. The range of services/functions provided
by insurers’ website/app is somewhat limited, and a lot of customers still rely on insurance planner.
1.7%
Without obligatory car insurance1,
Digital Penetration of Insurance Market
in Korea is even smaller (Life & Non-Life)
80.6%
8.4%
6.5%
4.5%
Digital Channel
Insurance Planner
Bancassurance
Telemarketing
Korea Insurance Sales Channel Breakdown (2023) Digital Penetration in Detail (2023)
Note: 1) In Korea, government requires every car owner to have car insurance, of which premium is high and share in the insurance market is big

6. 6
About our Project
2022.04 Kakaopay Insurance established
2022.11
2023.05
2023.06
2023.12
2024.03
Launched Financial Fraud Insurance (B2B)
Launched Golf Insurance (B2B)
Launched Travel Insurance (B2C)
Launched Smartphone Protection (B2C)
Launched Driver Insurance (B2C)
We started our innovation project with B2C products, which not only needed simple and easy process for
every insurance functions, but also features that make the service convenient and beneficial to customers.
Company History Innovation Project
Digitalization of entire insurance service by
providing all the necessary functions via a
messenger app
Addition of special digital features, that
maximize benefits to customers
1
2

7. 7
Digitalization of Insurance Service
Get quote
Make premium
payment
File claim
View and manage
policy
Contact Customer
Center
1
Digitalization of Functions (Other Insurers) Our Advanced Features: Hassle-Free
We have digitalized the entire insurance customer journey, and we continue to make every step as convenient
and hassle-free as possible.
• Get quote instantly
• Fill in payment information
• Download insurance company’s app or visit website
• Call customer center to make inquiries, requests
• Send documents needed to file a claim via email, fax,
insurance company’s app/website
• Auto-fill in personal information
• Self coverage adjustment (DIY or pre-set plans)
• Hassle-Free addition of insurees
• Smartphone condition self-check
• Auto-fill in payment information (express payment
system)
• Use the messenger app used daily
• Use chatroom to make inquiries and requests
• Upload via messenger app’s chat room like sending
photos to friends  Immediate compensation (3 sec)

8. 8
Digitalization of Insurance Service: Get Quote –Travel Insurance
1
Skip personal information fill in: Collect necessary info. from Kakaotalk
account. All customers need to do is selecting country of visit, travel dates.
Select pre-set plans, or customize insurance
policy with DIY function to calculate premium
and get quotes immediately
Auto-fil in travel companion’s
information by selecting from
friends list of Kakaotalk
[Travel insurance start
page]
[Select country] [Select travel dates] [Select additional Insurees from
messenger’s friends list]
[Customize policy –
Select a plan]
[Customize policy –
DiY]
Basic
Premium
Recommended
Plans DIY
We made a hassle-free process for getting quotes by leveraging the information and services of Kakaotalk. All
other insurers require customers to fill in personal information of themselves and additional insurees’.
Coverages
(Adjustable)
Premium
recalculated
as
coverages
are adjusted
Common Destinations

9. 9
Digitalization of Insurance Service: Get Quote –Smartphone Protection
1
Step #1 Step #4
Step #2 Step #3
By clicking ‘Start’, we
collect necessary info.
from ‘setting’
Shake phone 5 times to
check damages on
internal sensors
Press volume buttons
on side to check
malfunction
Rub the entire screen until the grey shade
disappears in 99 seconds
In order to purchase smartphone protection1 from other insurers, customers must visit offline phone sellers or call
manufacturers’ call center to get diagnosis of phone conditions. But we developed digital tools to self-check the conditions.
Note: 1) If they were to purchase insurance some other time after they purchase their phone
Phone
condition
self check
process
[Automatically collect
phone info.]
(Serial number, purchase date)
[Check touch sensor]
[Check internal
sensors]
[Check buttons]

10. 10
Digitalization of Insurance Service – Payment, File Claims
1
[Shortened claim filing/review process by OCR1]
(all done in Kakaotalk)
[Simplified payment process by applying kakaopay payment]
(pre-registered credit card information)
1st Click 2nd Click
Upload document images to chatting room for
immediate compensation - as fast as 3 seconds2 if
it’s a simple claim
Kakaopay Insurance applied Kakaopay’s express payment system and OCR to make the payment and filing
claim process as hassle-free as possible.
Note: 1) Optical Character Recognition; 2) May take longer for other claims
Selecting
payment
method -
Kakaopay Selecting credit
card in
Kakaopay
payment
system
Uploaded
documents are
sent to us
Customers receive
notification
message from our
business account,
when they are
compensated

11. 11
Special Features - Maximize benefits to customers
We send Kakaotalk message to customers2 to let them
request for flight delay notification by inserting
destination and flight information
[Partial refund(10%)
if the customers did not need to file claims]
[Flight delay message request1 notification for customers]
(one of insurance coverage for travel insurance)
If flight is delayed, we send out
message again to let the
customers file claim
After the expiration of the insurance policy, we send
messages to customers to let them request partial
refund if they do not need to file claims (applied to all
our products)
2
Note: 1) Request process is carried out in in-app browser page within the Kakaotalk chatroom; 2) Those who selected the coverage for their travel insurance policy
With our effort to maximize convenience and benefits to customers, we provide functions/services that remind
customers about their coverages, and allow them to request claims as conveniently as possible
Destination
Flight
Flight Delay
notification
Request
Complete
Request
File Claim
Request Partial
Refund
File Claim
Request Partial
Refund

12. 12
Business Outcomes1 – Travel Insurance
Our digital service and special features went viral on the internet, contributing to fast and high growth rate, and
made us No.1 Travel Insurance Insurer in the country within just 8 months
1 Million Insurees
in 10 months
Get quote
File claim
Partial
Refund
50.4% Conversion rate (Other insurers’ x3)
(from ‘country selection’ to ’purchase’)
76% of entire travel insurance customers
claim partial refund
99%
Claims filed through online channel (Other insurers’ x2)
No.1 Insurer
in 8 months (on/offline)
Note: 1) Serial success of newly launched products: Smartphone Protection reached 1 million insurees (B2C, B2B2C) in 6 months, and Driver Insurance recorded No.1 online sales in just 1 month
30.7%
average monthly growth rate
Service Outcomes Achievements
Payment 100% paid with credit card
(Other insurers 31%) Mostly achieved
without push
marketing
(High % of referral)

13. Thank You
13