Pacific Life Re and Kakao Pay Insurance have signed a memorandum of understanding to release sustainable and innovative life insurance solutions in South Korea.
The companies will co-develop app-exclusive health insurance products and solutions to streamline and boost insurance processes. Pacific Life Re and Kakao are combining expertise with digital capability to create opportunities in the insurance sector in South Korea.
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Furthermore, Pacific Life Re and Kakao aim to set higher standards in the sector, securing accessible and efficient insurance solutions for everyone.
Yoke Yin Lee, head of South Korea, Protection said, “This is a significant step for Pacific Life Re, demonstrating our commitment to the market as we continue to enhance our propositions. We are delighted to be joining forces with Kakao Pay Insurance to deliver opportunities to significantly transform and redefine the local life insurance industry.”
Youngkun Chang, CEO of Kakao Pay Insurance added, “We are excited about the opportunities ahead and are confident that this partnership will be mutually beneficial to both parties. Our goal is to be the life insurance platform in South Korea, and we look forward to making this a reality with Pacific Life Re.”
In August 2024, Pacific Life Re announced a number of appointments within its protection business and boosting leadership in the Asia Pacific region.
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By GlobalDataTyson Johnston, the current managing director of the Australian business and head of global protection strategy, has been promoted to the role of managing director, protection, Asia Pacific & global strategy. He will now guide Pacific Life Re’s growth in Asia Pacific, building on Australia.
Furthermore, Martyn Gilling, the current head of client solutions, Australia will take on many of Johnston’s previous responsibilities in a new role as general manager, protection, Australia.
The Australian protection business, now led by Gilling, and the Asian protection business, which continues to be led by Vasan Errakiah, will both report to Johnston.
