Wednesday, December 13, 2017

Eight Korean insurers tap online-only bank

Four domestic life and four non-life insurers are now selling their policies through K Bank, Korea’s first online-only bank.

The move becomes K Bank’s first foray into bancassurance, expanding its around-the-clock accessibility to another business.

The life insurers are K Bank shareholder Hanwha Life, IBK Insurance, BNP Paribas Cardif Life and Kyobo Lifeplanet Life.

The non-life insurers are Hanwha General, Hyundai Marine, MG Non-life and KB Insurance.

Another insurer, Lotte Insurance, is currently wrapping up a product review and could join the eight other insurers soon.

With the bancassurance deal, K Bank released 20 savings and protection type policies, called “mobilessurance”, through a single mobile application.

K Bank has enjoyed explosive popularity since its launch this year with 500,000 accounts at the end of October.

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