News Non-Life08 Dec 2017

South Korea:Online-only bank taps to bancassurance

08 Dec 2017

K bank, Korea's first online-only bank, has started selling bancassurance products, expanding its round-the-clock accessibility to another business.

The bank launched what it calls "mobilessurance" this week, releasing 20 savings and protection type policies, through a single mobile application, reported The Korea Times.

Four domestic life insurers and four non-life insurers are selling their policies through K Bank. The life insurers are Hanwha Life, a K bank shareholder; IBK Insurance; BNP Paribas Cardif Life and Kyobo Lifeplanet Life. The non-life insurers are Hanwha General, Hyundai Marine, MG Non-life and KB Insurance. Lotte Insurance will also join them after wrapping up a product review.

K Bank, which launched banking operations in April this year, offers consumers 24/7 phone-consultation services, mobile messaging and e-mail. As well as consultations, a subscription is also available around the clock, the bank said. At the end of October, K Bank had half a million customers.


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