Kakao Pay Insurance Sees 108% Jump in Overseas Extended Stay Insurance Subscribers in One Year

2nd Anniversary Marks Expansion from Young Adults to Those in Their 40s

Kakao Pay Insurance announced on August 24 that the number of subscribers to its overseas extended stay insurance product, "Overseas N-Month Stay Insurance," which marks its 2nd anniversary, increased by 108% year-on-year.

According to Kakao Pay Insurance, the number of subscribers for the product from January to July this year grew by 108% compared to the same period last year. The subscriber base has expanded beyond people in their 20s and 30s preparing for study abroad and working holidays to now include people in their 40s who plan to stay overseas with their families or for work.

A distinctive feature of the overseas extended stay insurance is that users can customize the insurance based on their reasons for staying abroad and the coverage they need. In fact, the DIY (Do-It-Yourself) subscription method accounted for the largest share at 38%, followed by Basic at 25%, Light at 21%, and Plus at 16%.

Light is a plan offering lighter coverage at a lower premium, while Basic is a package centered around essential coverage. Plus is a package that provides broader coverage including overseas medical expenses, with up to 200 million won in overseas medical coverage.

With the DIY method, users can directly set the coverage amount for overseas hospital injury/disease medical expenses and accident rescue/evacuation costs anywhere from 10 million won to 200 million won. It is also possible to add necessary optional clauses, such as liability coverage, or exclude unnecessary coverage as needed.

Kakao Pay Insurance has strengthened coverage in response to a broadened user base. In December last year, product revisions raised maximum limits for overseas hospital injury medical expenses, overseas hospital disease medical expenses, and accident rescue/evacuation coverage to 200 million won each. This change was made to reflect the demand for coverage for high-cost medical expenses and emergencies that may arise during extended stays abroad with family.

During extended stays abroad, the most common category for insurance payouts was "overseas disease medical expenses," which accounted for 79% of all cases. "Overseas injury medical expenses" followed at 18%.

The average insurance payout was 255,563 won, while the highest individual payout was 26,210,869 won, which was for overseas disease medical expenses due to Mycoplasma pneumonia.

By country of subscription, English-speaking countries such as Australia, the United States, Canada, and the United Kingdom accounted for approximately 36%, followed by Asian countries such as Japan, China, and Vietnam. The countries with the highest number of insurance claims were Vietnam, Australia, Malaysia, China, and Thailand, in that order. The countries with the highest average payout amounts were Tunisia, Kazakhstan, Colombia, Malta, and Luxembourg.

Additionally, the local re-enrollment rate was approximately 20%. Kakao Pay Insurance explained that the simple subscription process using KakaoTalk, as well as the convenience of extending coverage locally, contributed to repeated selection of the product by existing users.

After the insurance period ends, if the user does not return to Korea, they can re-enroll in the product locally. If the period of stay is extended, users can extend, renew, or re-enroll via KakaoTalk, and insurance claims can be filed easily using KakaoTalk as well.

Kakao Pay Insurance announced it is offering a 10% discount on payments to celebrate the 2nd anniversary of the overseas extended stay insurance. Users can enter a discount code upon enrollment to receive this benefit. The discount code can be found on the Kakao Pay Insurance website and the mobile product subscription page.

An official from Kakao Pay Insurance stated, "The overseas extended stay insurance is expanding beyond study abroad and working holidays to cover a wide range of needs, including family stays and overseas work," and added, "We will continue to reinforce necessary coverage for people overseas and develop products that can be conveniently used according to the users' situations."

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