DB Insurance will beat Hyundai Marine & Marine Insurance this year to challenge for second place in the online insurance market.
According to the Non-Life Insurance Association on the 5th, DB Insurance’s original insurance premium for cyber marketing (CM) channels in the first quarter of this year was 265.4 billion won, which was 5.2 billion won higher than Hyundai Marine & Marine Insurance’s 262.2 billion won.
CM channels are online insurance sales channels that customers can subscribe directly through the Internet or mobile. It is characterized by low insurance premiums because it does not cost business expenses such as fees paid to insurance planners.
DB Insurance succeeded in reversing this year after being slightly behind Hyundai Marine & Marine Insurance, the second-largest in the industry in the online insurance market, in recent years.
In fact, Hyundai Marine & Marine Insurance Co. had 958.4 billion won in annual CM channel insurance premiums last year, 6.9 billion won more than DB Insurance Co. 951.5 billion won. Earlier in 2020, the annual raw material insurance premium was 763.2 billion won for Hyundai Marine Insurance and 761.7 billion won for DB Insurance, with a gap of only 1.5 billion won.
On a quarterly basis, Hyundai Marine & Marine Insurance’s original insurance premium in the first quarter of last year was KRW 217.2 billion, up KRW 1.9 billion from DB Insurance.
Currently, in the online non-life insurance market, Samsung Fire & Marine Insurance, the leader, has established an unrivaled “first-tier” system, while Hyundai Marine Insurance and DB Insurance are forming a “three-fold” system with KB Insurance. Samsung Fire & Marine Insurance’s CM channel’s original insurance premium was KRW 2.93 trillion per year last year and KRW 774.8 billion in the first quarter of this year, which is about three times different from the second-largest companies. KB Insurance’s original insurance premium was 810.2 billion won per year last year and 222.6 billion won in the first quarter of this year.
In order to expand its position in the online insurance market, DB Insurance has made various attempts to increase convenience of subscription based on digital competitiveness.
As a representative example, DB Insurance launched the “DB Direct Talk” service for the first time in the industry that allows users to subscribe to direct car insurance through mobile messenger Kakao Talk. If you use this service, you can subscribe to direct car insurance or renew your existing contract through Kakao Talk Plus Friend Chat window. Emergency dispatch applications can also be accepted in the event of a vehicle accident or failure, and applications can be accepted without long input of the vehicle location.
DB Insurance also worked hard on promotional marketing by using popular celebrities as advertising models for online insurance. 자동차보험 비교 견적 사이트
DB Insurance drew attention last year for its direct auto insurance advertisement featuring Jin Ji-hee, the longest-serving advertising model, and Yoon-ah, a singer and actor from Girl Group Girls’ Generation.