According to InsurTech Insights, the partnership aims to harness Kakao Pay's vast user base and platform to offer cutting-edge insurance products straight to South Korean customers.

The partnership's objective is to work together to create app-only health insurance services and solutions that simplify and improve the usability of the insurance buying experience.

By incorporating these new products into Kakao Pay's platform, the businesses want to take advantage of the growing need for online insurance options and provide consumers in South Korea with a better, more convenient experience.

As a member of the Pacific Life group, Pacific Life Re offers reinsurance services in a number of international markets, assisting insurance firms in mitigating risk and allowing them to provide their clients with competitive solutions.

Pacific Life Re contributes significant resources and experience to its collaboration with Kakao Pay, as well as a strong dedication to product innovation and digital transformation.

Through its app, Kakao Pay, a pioneer in South Korea's FinTech sector, provides a variety of financial services, such as insurance, investing, and payment alternatives.

Since its founding in 2022, Kakao Pay Insurance has grown rapidly, gaining over 1.5 million members in just its first year of operation for its travel insurance products. Kakao Pay's capacity to innovate and satisfy its customers' financial demands through user-centric digital experiences is demonstrated by its quick growth.

This collaboration not only streamlines the insurance buying process but also puts both businesses in a position to benefit from South Korea's growing need for digital-first insurance products, especially in the life and health sectors.

Pacific Life Re and Kakao Pay are poised to revolutionize the way South Korean customers engage with life insurance products by combining their respective strengths.

As we keep improving our offerings, this is a big milestone for Pacific Life Re and shows our dedication to the market. We are thrilled to be collaborating with Kakao Pay Insurance to offer chances to drastically change and reinvent the regional life insurance market," stated Yoke Yin Lee, Pacific Life Re's head of Protection for South Korea.

"We are excited about the opportunities ahead and are confident that this partnership will be mutually beneficial to both parties," said Youngkun Chang, CEO of Kakao Pay Insurance, who also voiced his confidence about the alliance. With Pacific Life Re, we look forward to achieving our aim of being South Korea's leading life insurance platform.