Kakao Pay Insurance held an extraordinary general meeting at its headquarters in Pangyo, Seongnam, Gyeonggi Province, on the 23rd and confirmed the reappointment of CEO Chang Young-keun, the company announced on the 24th. As a result, CEO Chang will continue in his position until December 31, 2026.
Since taking office in July 2023, CEO Chang has established a user-centered digital insurance model and garnered positive evaluations for simultaneously driving both organizational improvement and growth in a short period. He has proven his strategic execution capabilities in a rapidly changing insurance and financial environment, earning recognition for his leadership in fostering the company's ongoing growth, which led to his reappointment.
In fact, last year, Kakao Pay Insurance recorded an annual revenue of 38.6 billion won and insurance revenue of 35.1 billion won, marking growth of 4.9 times and 5.4 times, respectively, compared to the previous year. In the first quarter of this year, insurance revenue also more than doubled year-on-year, reaching 12.3 billion won and continuing the upward trend.
In terms of products, the company has introduced over ten lifestyle-oriented products such as mobile phone insurance, driver insurance, Jeonse safety insurance, and health insurance, thereby expanding its customer base. Notably, travel insurance and mobile phone insurance have recorded impressive performances, driving growth, and as a result, the total number of insured individuals recently surpassed 5 million.
In terms of organizational operations, the company has adopted an agile system at the level of IT corporations, establishing a structure for swift decision-making and service improvement. Recently, it has been promoting the advancement of digital insurance based on AI technology.
CEO Chang noted, “We will continuously provide essential insurance to users at reasonable prices and innovate the entire process from subscription to compensation to make it simpler and more efficient based on AI technology,” adding, “We will constantly challenge ourselves and maintain responsible management to create a trusted insurance company that grows together with our customers.”
CEO Chang Young-keun, a graduate of Yonsei University's Business Administration department and holder of an MBA from the Massachusetts Institute of Technology (MIT), was formerly a partner at the Boston Consulting Group (BCG) and served as the Korean representative of the global insurtech company BoltTech. He joined Kakao Pay Insurance as CEO in July 2023. With his experience leading product and service development in global insurtech companies and consulting firms, CEO Chang is recognized as an expert specialized in digital-based business development and operations.