From Bank Accounts to Insurance... Portal Evolved into a Financial Platform
Naver Completes Corporate Registration for 'NF Insurance Service'
Kakao Nears Final Preparations for Digital Non-Life Insurer Preliminary Approval
[Asia Economy Reporter Jin-gyu Lee] Naver and Kakao are evolving into comprehensive financial platforms as they enter the insurance market. Following the launch of the 'Naver Account' last month, Naver recently established an insurance service corporation, while Kakao is in the final stages of preparing to establish a digital non-life insurance company.
According to the IT industry on the 11th, Naver is pursuing service partnerships with various insurance companies, including Mirae Asset Life Insurance.
Naver recently completed corporate registration under the name 'NF Insurance Service' at the Suwon District Court Seongnam Branch. Naver Financial held a board meeting in March and resolved to establish a corporation named NF Insurance Service. Naver stated, "Specific matters such as company structure, launch timing, products to be sold, partner insurance companies, and sales methods have not yet been decided."
Naver is accelerating its financial market strategy by introducing the Naver Account on the 8th of last month. The strategy is to provide comprehensive financial services including securities and insurance, starting with the account. Han Seong-sook, CEO of Naver, said earlier this year, "Starting with the Naver Account, users will be able to use credit card recommendations, securities, insurance, and more through Naver Financial," adding, "We will launch financial services based on high-quality data and evolve into a comprehensive asset platform."
Kakao has also entered the final preparation stage to establish a digital non-life insurance company. It is concretizing business details ahead of submitting a preliminary approval application for a digital non-life insurance company to the Financial Services Commission. Since May, experts in accounting and product planning have been recruited. Kakao, which will provide services across all financial sectors including banking, stocks, and insurance, is expected to demonstrate disruptive power unlike existing financial companies, based on 'KakaoTalk (KakaoTalk)', the national messenger with about 45 million members.
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Originally, Kakao planned to establish a digital non-life insurance company jointly with Samsung Fire & Marine Insurance, but the plan was ultimately scrapped due to unresolved differences over whether to enter the automobile insurance market. Consequently, Kakao Pay took the lead and decided to establish the digital non-life insurance company independently. A Kakao Pay official said, "Kakao Pay holds management rights, and Kakao participates as a strategic investor (SI) in establishing the digital non-life insurance company," adding, "Our goal is to apply for preliminary approval as soon as possible."
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