Hana Financial group, South Korea’s third-largest banking group will launch a digital insurance unit next month through its newly-acquired subsidiary, The-K NON-Life Insurance, according to industry sources on May 20.
Branded as Hana General Insurance, the group’s new affiliate, previously a general insurance firm focusing on auto insurance, will serve as a digital insurance company on June 1 under the leadership of Kwon Tae-gyun, former vice president of Hana Capital.
(Yonhap) |
Hana General Insurance’s two major business strategies are “bancassurance” and “cardsurance,” whereby the company partners with the group’s bank and credit card unit, respectively in a bid to sell their insurance products to a wider range of client base via its digital platform, officials said.
The company plans to launch all-in-one mobile application in which its subscribers not only have access to Hana General Insurance’s services, but also those of Hana Bank. Even the long-term insurance services will become available online.
Earlier, Hana Financial had purchased a 70 percent stake in The-K Non-Life Insurance from the Korea Teachers’ Credit Union for 77 billion won ($62.7 million). Founded in 2003, it has since offered long-term, non-life insurance products. Upon the acquisition approval from the Financial Services Commission last month, the auto insurance firm was aligned as a subsidiary of Hana Financial Group.
By Choi Jae-hee(cjh@heraldcorp.com)