Three non-life insurers have teamed up with Internet company Naver to compete with industry leader Samsung Fire & Marine Insurance in online marketing.
DB Insurance, Hyundai Marine & Fire Insurance and KB Insurance are negotiating fees for selling auto insurances with NF Insurance Service, an insurance unit of Naver Financial, reported Pulse News citing industry sources.NF Insurance Service will provide a platform for insurance sales and price comparison for the non-life insurers in return for a fee, said to be 11%.The partnership could boost the sales of the insurers given the power of Naver, which operates South Korea’s number one search engine. But the fee asked for by Naver could result in increasing prices for customers, an official from the industry said. But others argue that the fee is lower than the 12-14% commissions the insurers pay to agencies and similar to those paid to other digital financial platforms such as Toss and Bomapp, so the 11% fee is reasonable considering the influence of Naver.Samsung Fire & Marine Insurance’s currently command a market share of 50-60%. 


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