Korea’s top mobile carrier, SK Telecom, and Hyundai Motor are partnering with Hanwha General Insurance to bring technological insight to Korea’s insurance industry. The companies have been given preliminary permission by Korea’s Financial Services Commission to establish an online insurance company dealing in non-life insurance on digital platforms. Products focusing on car, pet and travel insurance are expected to debut in Q4 2019. In the first quarter of 2019, Samsung Electronics will launch a new line of smartphones under its “Galaxy A” brand. If approved, it will become the country’s second online-based insurance company, following Kyobo Life Planet.
Korea’s top mobile carrier, SK Telecom, and Hyundai Motor are partnering with Hanwha General Insurance to bring technological insight to Korea’s insurance industry. The companies have been given preliminary permission by Korea’s Financial Services Commission to establish an online insurance company dealing in non-life insurance on digital platforms. Products focusing on car, pet and travel insurance are expected to debut in Q4 2019. The firm will look to break into the market with lower fees, behaviour-based products and short contract offerings. If approved, it will become the country’s second online-based insurance company, following Kyobo Life Planet.