South Korea-based Hana Monetary banking group has determined to launch a brand new digital insurance coverage unit in June 2020, The Investor reported.
The digital insurance coverage unit can be branded as Hana Common Insurance coverage, which was previously an auto insurance coverage agency.
The brand new unit can be launched by its newly-acquired subsidiary named The-Ok NON-Life Insurance coverage, the report added.
Hana Monetary purchased a 70% stake in The-Ok Non-Life Insurance coverage from the Korea Academics’ Credit score Union in a KRW77bn ($62.7m) deal.
Based in 2003, The-Ok Non-Life Insurance coverage presents long-term, non-life insurance coverage merchandise.
Hana Common Insurance coverage is predicted to primarily concentrate on bancassurance and cardsurance companies by the group’s bank and bank card items respectively.
This can allow the group to promote their insurance coverage merchandise to a variety of consumers by its digital platform.
Furthermore, the corporate plans to launch an all-in-one cellular software which is able to present each Hana Common Insurance coverage and Hana Bank companies.
Subscribers will even have entry to long-term insurance coverage companies.
On the finish of final 12 months, immediate messaging app Kakao collaborated with Samsung Hearth & Marine Insurance coverage (SFMI) to launch a brand new digital insurance coverage agency in South Korea.
The transfer marks Kakao’s foray into the insurance coverage sector. The companions plan to launch a brand new internet-only non-life insurer.