Blockchain-based Mobile Platform
Insurance companies are introducing the Kakao Pay certification service one after another before the abolishment of the public online certification system. Kakao Pay is a popular convenience payment service. IT experts say that the service flaunts strong security, accessibility and familiarness.
According to the insurance industry on June 4, a total of 15 insurers including Kyobo Life Insurance and KB Insurance were providing an authentication service by partnering with Kakao Pay.
Kyobo Life introduced Kakao Pay certification for mobile financial services after signing a business agreement with Kakao Pay last month. The life insurer is providing an insurance contract loan service based on authentication through a message delivered via Kakao Talk without a separate application or authorized certificate.
KB also introduced a mobile registered mail service which utilizes Kakao Pay authentication in April.
Insurance companies consider Kakao Pay's blockchain-based security a big strength of the service."The service was developed based on blockchains from the early stage of service development so its merits have been known throughout the insurance industry, I think." a Kakao Pay representative said.
Kakao Pay was designated as an official electronic document intermediary by the government for the first time among mobile platforms. "I know that Kakao Pay is required to pass a lot of clauses in order to be designated as an authorized electronic document intermediary, such as the construction of system equipment and operation capabilities," an insurance industry official said. "Many insurers have partnered with Kakao Pay because Kakao Pay was recognized by the government."
Kakao Pay authentication also enhances accessibility to insurance for the younger generation. "The introduction of Kakao Pay authentication does not earn insurance big profit in the short term, but the younger generation will be interested in insurance policies as they are familiar with Kakao Pay."