Pacific Life Re and Kakao Pay Insurance, a South Korean fintech-led digital non-life insurer, have signed a Memorandum of Understanding (MoU) to provide life insurance solutions in South Korea.
According to Pacific Life Re, this partnership combines its global expertise with Kakao Pay Insurance’s digital capabilities to create new opportunities in South Korea’s insurance landscape.
The two firms will reportedly co-develop app-exclusive health insurance products and solutions to streamline and enhance insurance processes.
Yoke Yin Lee, head of South Korea, Protection, Pacific Life Re, 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, 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.”
