The pet insurance comparison and recommendation platform has become ineffective as insurers have withdrawn their participation, leaving the platform without any available products and effectively halting its core functions, reported a Korean news site.
This disruption follows the Financial Supervisory Service’s directive in April to shorten pet insurance renewal cycles from three years to one year, aimed at curbing overtreatment and reducing excessive loss ratios.
In response, insurers revised their pet insurance offerings starting in early May.
However, these updated products have not been integrated into the comparison platform due to a lack of timely coordination, rendering the platform obsolete for now.
Currently, insurers listed on the Naver Pay and Kakao Pay pet insurance comparison platforms include Samsung Fire & Marine Insurance, Meritz Fire & Marine Insurance, DB Insurance, Hyundai Marine & Fire Insurance and KB Insurance.
Among them, only KB Insurance is featured on both platforms. The rest appear on just one, while Meritz Fire & Marine Insurance is not represented at all.
The delay in uploading revised pet insurance products stems from the need to recalculate platform fees in line with updated premiums and to retest the computer systems to ensure proper display on the website.
Critics argue that insurers have been slow to act, despite the Financial Supervisory Service’s directive in early April to shorten the renewal cycle. The sluggish response is seen as a reflection of the low priority given to pet insurance, with consumer convenience seemingly sidelined in the process.