"How Long Does It Take to Receive an Insurance Payout?"... Kakao Pay Insurance Launches 'Instant Payment' Service

Notification via KakaoTalk of Actual Processing Time When Payout Is Made Within 24 Hours of Claim

Overseas Travel Insurance Paid Out in as Little as 1 Second, Mobile Phone Insurance in 18 Seconds

Among Instant Payments, 57% of Mobile Phone and 45% of Overseas Travel Claims Completed Within 1 Minute

Kakao Pay Insurance announced on the 18th that it has launched the "Instant Payment" service, which informs users of exactly how long it takes for them to receive their insurance payouts.

"Instant Payment" refers to cases where the insurance payout is completed within 24 hours after a claim is submitted. When payment is made, users are notified via KakaoTalk with a message such as "You received your insurance payout just 1 minute and 23 seconds after applying," showing the exact time it took for the payment to be processed. This allows users to not only see that the payment was completed, but also to check the precise amount of time it took to receive their payout.

According to an analysis conducted by Kakao Pay Insurance of data from August 3 to 10, spanning eight days during the test period for the Instant Payment service, 57 percent of mobile phone insurance claims and 45 percent of overseas travel insurance claims that qualified for Instant Payment were completed within one minute.

There were also cases where insurance payouts were received in just a few seconds. For overseas travel insurance, a claim of 60,000 won for a flight delay was paid out in just one second; for mobile phone insurance, a claim for 221,500 won due to a broken phone screen was processed in 18 seconds, and a claim for 810,000 won for phone damage was completed in 20 seconds.

Through "Instant Payment," users can easily check not only how quickly their insurance payout was processed, but also how the payout amount was determined. By using the "View Payment Details" feature, they can view at a glance the eligible coverage amount, deductible, receipt amount, and final payment amount. This eliminates the need to contact customer service, as users can directly verify the criteria used to calculate their payout.

Kakao Pay Insurance is applying data integration and automation technologies to the claims review process. As a result, for overseas travel insurance, flight delays or cancellations can be verified through linked data from airports and airlines, enabling claim procedures to be streamlined without the need for separate supporting documents.

Kakao Pay Insurance plans to gradually expand its lineup of products that allow for rapid compensation in the future.

Jang Younggeun, CEO of Kakao Pay Insurance, stated, "In insurance, what matters is how quickly and conveniently users can receive their compensation when they need it," adding, "We will continue to create easier and more transparent insurance experiences by reducing wait times for payouts through data and AI technologies, further simplifying and enhancing the compensation process."

This content was produced with the assistance of AI translation services.