Asian News - South Korea: 1st online insurance supermarket to step up competition
Source: Asia Insurance Review | Jan 2016
The Korean insurance industry has launched a first-ever online insurance supermarket called Insurance Damoa which will enable customers to compare different insurance plans and buy cover.
Run by the Korea Life Insurance Association and the General Insurance Association of Korea, Insurance Domoa features at least 217 types of the most popular insurance plans in six different categories such as motor, travel and term insurance, reported Korea Bizwire.
Thirty-six insurance companies, including 13 general insurance companies and 23 life insurance companies, are participating in the insurance supermarket, which opened for business on 30 November 2015.
With the launch of the online insurance supermarket, price competition between insurance companies is expected to become fierce. Several second-tier auto insurers have launched online plans starting from 1 January.