Kakaopay suspends car insurance comparability service | Be Nicely versed in Korea – The Korea Bizwire

This undated file photo from Kakaopay Corp. shows its headquarters in Pangyo, south of Seoul.

This undated file photo from Kakaopay Corp. shows its headquarters in Pangyo, south of Seoul.

SEOUL, September 10 (Korea Bizwire)Kakaopay Corp., a financial unit of tech giant Kakao Corp., will shut down its auto insurance comparison service later this month after providing an unauthorized brokerage service, industry sources said on Friday.

Kakaopay's service to help customers find the best deal among six partner auto insurers, including Hyundai Marine and Fire Insurance Co. and DB Insurance Co., will be suspended from September 25, sources say.

The Financial Services Commission said the online program is not an advertisement that simply connects customers with insurers offering the best deals for a fee, but is an actual financial brokerage and therefore requires an appropriate business license.

After the suspension, Kakaopay will maintain its partnership with the insurers through banner advertising. Kakaopay said it will make more efforts to comply with financial regulator guidelines.

(Yonhap)

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