SEOUL, South Korea – 5 November 2024 – Pacific Life Re and Kakao Pay Insurance have signed a Memorandum of Understanding (MoU) to provide sustainable and innovative life insurance solutions in South Korea.
Pacific Life Re and Kakao Pay Insurance, a South Korean registered fintech-led digital non-life insurer, will co-develop app-exclusive health insurance products and solutions to streamline and enhance insurance processes. This partnership combines Pacific Life Re’s global expertise with Kakao Pay Insurance’s digital capabilities to create new opportunities in South Korea’s insurance landscape.
Yoke Yin Lee, head of South Korea, Protection said, “This is a significant step for Pacific Life Re, demonstrating our commitment to the market as we continue to enhance our propositions. We are delighted to be joining forces with Kakao Pay Insurance to deliver opportunities to significantly transform and redefine the local life insurance industry.”
Youngkun Chang, the CEO of Kakao Pay Insurance added, “We are excited about the opportunities ahead and are confident that this partnership will be mutually beneficial to both parties. Our goal is to be the life insurance platform in South Korea, and we look forward to making this a reality with Pacific Life Re.”
Together, Pacific Life Re and Kakao Pay Insurance are committed to setting new standards in the industry, ensuring accessible and efficient insurance solutions for all.