South Korea’s digital life insurer Kyobo Lifeplanet Life Insurance and Singapore’s insurtech bolttech, have signed a strategic agreement to collaborate on building innovative digital insurance distribution solutions for Korea and beyond.
Bolttech said in a statement on last Friday that this agreement focuses on enhancing platforms for digital insurance distribution, improving on existing models.
Through this partnership, the companies will integrate Kyobo Lifeplanet’s innovative offerings – Laplay and Barun Plan – with bolttech’s global embedded protection platform to offer innovative insurtech solutions that can scale globally.
Laplay is Kyobo Lifeplanet’s loyalty engagement service that rewards customers with points for completing activities such as walking.
These points can be used to pay insurance premiums or purchase books.
Since its launch, Laplay has achieved a tenfold increase in monthly active users within just one year.
Meanwhile, Barun Plan is South Korea’s first-ever mobile coverage analysis service, delivering precise evaluations of customers’ existing insurance policies to create tailored portfolios and unlock premium-saving opportunities.
With 4.8 million cumulative uses and ₩2.8 billion in saved premiums this year alone.
“This partnership is a new momentum for expanding Kyobo Lifeplanet’s proven digital insurance and service technology capabilities in Korea to a global platform,
“Through active collaboration with bolttech, a global insurtech leader, we will drive innovation in global digital insurance distribution structures,” said Young-Seok Kim, Chief Executive Officer of Kyobo Lifeplanet.
Kwang-bum Koh, General Manager of bolttech Korea, said this partnership strengthens bolttech’s embedded insurance and software as a service (SaaS) capabilities, paving the way for a dynamic ecosystem that redefines how insurance is delivered and experienced.
“Through this collaboration, we will introduce innovative software features for our partners and expand our offerings from non-life to life insurance products, helping to close the protection gap in Korea and beyond,” he added.
Bolttech currently operates the world’s largest technology-enabled insurance exchange across 39 markets in Asia, Europe, North America, and Africa.
Since launching in Korea in 2020, the firm has partnered with leading brands like LG U+ and Lotte Hi-Mart to deliver innovative device protection and subscription services.
Bolttech’s growth is its insurance SaaS platform – a plug-and-play solution that connects insurers and products through a single API.
With customisable UI components and seamless integration, partners can launch and manage digital insurance services quickly, without complex system development, said the statement.