Kyobo Lifeplanet expands sales via Woori Bank

Kyobo Lifeplanet Life Insurance, a South Korean internet-only insurer, is eyeing expansion in the bancassurance market, picking Woori Bank as the third local commercial bank to sell its products Monday. 

Woori Bank, the fourth-largest commercial bank in Korea, plans to sell two products -- savings insurance and pension-linked products.

The products can be purchased at the bank‘s financial product category on its website, and “Woori Robo-Alpha,” an artificial intelligence-run asset management app.

Currently, Kyobo Lifeplanet’s products are sold by Industrial Bank of Korea and Standard Chartered Bank Korea.

Founded in 2013, Kyobo Lifeplanet Life Insurance is the nation’s first online-only insurer. Its mother company Kyobo Life Insurance holds 92.51 percent of shares.

By Son Ji-hyoung (consnow@heraldcorp.com)