South Korea-based Hana Financial banking group has decided to launch a new digital insurance unit in June 2020, The Investor reported.
The digital insurance unit will be branded as Hana General Insurance, which was formerly an auto insurance firm.
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The new unit will be introduced through its newly-acquired subsidiary named The-K NON-Life Insurance, the report added.
Hana Financial bought a 70% stake in The-K Non-Life Insurance from the Korea Teachers’ Credit Union in a KRW77bn ($62.7m) deal.
Founded in 2003, The-K Non-Life Insurance offers long-term, non-life insurance products.
Hana General Insurance is expected to mainly focus on bancassurance and cardsurance businesses through the group’s bank and credit card units respectively.
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By GlobalDataThis will enable the group to sell their insurance products to a wide range of customers through its digital platform.
Moreover, the company plans to launch an all-in-one mobile application which will provide both Hana General Insurance and Hana Bank services.
Subscribers will also have access to long-term insurance services.
At the end of last year, instant messaging app Kakao collaborated with Samsung Fire & Marine Insurance (SFMI) to launch a new digital insurance firm in South Korea.
The move marks Kakao’s foray into the insurance sector. The partners plan to launch a new internet-only non-life insurer.
