캐롯 여행자보험COVID-19 is over… Demand for overseas travel ‘growing rapidly’
According to the Ministry of Land, Infrastructure and Transport’s Aviation Information Portal System on the 19th, the number of passengers using domestic airlines in the month of May was 9,332,078, a 25% increase compared to the same period last year (7,457,962). This is an increase of about 9.7% compared to January of this year (8,507,316 people).
The number of overseas travel insurance subscriptions, which is directly related to the demand for overseas travel, is also increasing. According to the insurance industry, the number of travel insurance contracts signed by Korea’s five largest non-life insurance companies (Samsung Fire & Marine Insurance, Hyundai Marine & Fire Insurance, DB Insurance, KB Insurance, and Meritz Fire & Marine Insurance) last month was 544,609, five times higher than the previous year (111,254). increased.
Overseas travel insurance is a product that provides coverage for accidents or losses that may occur during travel, and can be purchased by any traveler regardless of gender or age. The characteristic is that you can receive various types of coverage with a relatively low insurance premium of less than 10,000 won.
An insurance company official said, “Recently, interest in travel insurance is increasing as the retaliation against overseas travel, which had been suppressed due to COVID-19, has revived,” adding, “It is due to anxiety that an unexpected accident may ruin the trip after a long trip.”
Meanwhile, digital insurance companies such as Carrot Non-life Insurance and Kakao Pay Non-life Insurance have begun targeting the overseas travel insurance market. As they mainly deal with ‘mini insurance’, they are calculating to secure future customers with overseas travel insurance, which is classified as mini insurance.
An industry official explained, “The reason digital insurance companies continue to push mini-insurance products such as overseas travel insurance even though they are not profitable is because it is effective in securing a customer database (DB) and raising awareness.”
‘Safe return home refund’ Kakao vs ‘30% discount’ Carrot
Kakao Pay Insurance launched a new overseas travel insurance product on the 9th. It is characterized by boldly introducing things that were considered a loss from the insurance company’s perspective, such as providing discounts for just two people, allowing them to get as much coverage as they want, and even refunding premiums when they return home safely, to suit the user’s perspective.
The biggest differentiator of Kakao Pay Insurance is the ‘safe return refund.’ Unlike existing overseas travel insurance, which requires compensation only if an accident occurs while traveling abroad, Kakao Pay Insurance provides a 10% refund of the insurance premium to all subscribers as long as they return home safely. Additionally, as a launch promotion, a 10% discount is provided when paying with Kakao Pay.
Carrot Insurance is partnering with NHN Payco to target travelers with discounts of up to 30% on overseas travel insurance. NHN Payco recently introduced an all-in-one ‘Travel Pack’ with major financial companies such as insurance, banks, and cards to provide differentiated services to overseas travelers, and Carrot has installed an overseas travel insurance product here.
Specifically, when a customer signs up for Carrot’s overseas travel insurance through the Travel Pack within the Payco mobile app, a 20% discount on insurance premiums (up to 10,000 won) is immediately provided, and an additional 10% of the insurance premium is provided. This is a method of accumulating Payco points (up to 5,000 points).
Meanwhile, overseas travel insurance can be calculated and signed up for by simply entering the traveler’s personal information, travel period, travel destination, and purpose of travel through the Internet or mobile phone. In particular, at ‘Insurance Damoa’ operated by the Non-Life Insurance Association and the Life Insurance Association, you can easily compare expected insurance premiums and coverage details for each product by entering your gender and age.
It is usually recommended to sign up 2-3 days before departure, but even if you cannot sign up in advance, you can sign up at the insurance sign-up desk at the airport. However, industry insiders advise that overseas travel insurance should be carefully reviewed before signing up because the coverage amount and scope may vary depending on the insurance company’s product, even for the same item.
INSIGHTKOREA
