Monthly 1,400 won subway delay insurance and monthly 500 won mini insurance, insurers' strategies

Domestic insurers such as Kakao Pay Insurance, Kyobo Lifeplanet, and Samsung Fire & Marine are successively rolling out ‘mini insurance’ products that can be purchased for a small amount. These are products that cover risks that can arise in everyday life, such as smartphone damage, usedgoods trading scams, burnout, a stiff neck, and subway delays, over a short period and at a low premium. These products are mainly aimed at the 2030 generation and consumers who are accustomed to the digital environment. Their features include the ability to sign up easily on mobile and high accessibility because the burden is low. Kakao Pay Insurance is increasing the number of smartphone insurance subscribers, and Kyobo Lifeplan is operating smallamount coverage products related to mental health and everyday illnesses. However, the insurance industry sees the profitability of mini insurance itself as limited. Instead, it places value on attracting customers through digital channels, expanding brand awareness, and the potential for future expansion into longterm insurance. In fact, some digital insurers, while losses continue, are broadening their portfolios to include longterm insurance and other traditional products.