Pacific Life Re partners with Kakao Pay

Pacific Life Re and Kakao Pay, a fintech offering mobile payment and digital wallet services, are partnering to provide life insurance solutions in South Korea.

As part of the partnership, Pacific Life Re and Kakao Pay Insurance will co-develop app-exclusive health insurance products and solutions to streamline and enhance insurance processes.

Founded in 2022, Kakao Pay Insurance has introduced a variety of coverages such as car and travel insurance. It was reported that more than 1.5 million users signed up for its travel insurance within a year of its launch.

“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.” – Yoke Yin Lee, head of South Korea, Protection.

“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.” – Youngkun Chang, the CEO of Kakao Pay Insurance.