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Insurance and Assistance linked to Payment Cards and Bank Accounts in South Korea investigates the market for insurance and assistance policies linked to banking products in this country. Drawing on the results of an investigation covering over 1,000 individual payment card and bank account products offered by 20 banking institutions and specialised card providers in South Korea, the report analyses the provision of the following broad categories and types of insurance and assistance policy:

- accident / health cover: accidental death insurance, health / hospital cash plans, health assistance, personal accident insurance;

- creditor cover: creditor insurance – life / permanent disability, creditor insurance – temporary incapacity / unemployment;

- personal / identity protection cover: ATM cash theft insurance, card protection insurance, handbag / wallet insurance, identity protection assistance, identity protection insurance;

- shopping cover: extended warranty, price protection insurance, purchase protection insurance;

- travel cover: travel accident insurance, travel assistance, travel health insurance, travel inconvenience insurance, travel insurance - comprehensive;

- other cover: car hire insurance, home assistance, legal assistance, legal expenses insurance, missed event insurance, mobile gadget insurance, mobile phone insurance, personal liability insurance, road assistance, miscellaneous other insurance and assistance;

- concierge services.

Key features of this study include:

- quantification of the market size and segmentation for insurance and assistance linked to payment cards and bank accounts: approximately how much is the market worth in South Korea, how does it break down by broad category, how much is funded by the banking institutions themselves and how much is paid for separately by customers?

- analysis of the operating models used by banking organisations for insurance and assistance linked to payment cards and bank accounts: to what extent do they use external underwriters as opposed to captive or joint venture providers?

- calculation of provider share of partnerships based on number of relationships and partner size: which providers of insurance and assistance services have been successful in establishing relationships for each broad category of cover with the most significant banking institutions and other card issuers or distributors?

- availability of an accompanying PartnerBASE™ dataset that details the availability or otherwise of each individual insurance or assistance enhancement to more than 1,000 payment card and bank account products analysed in South Korea.

Table Of Contents

Insurance and Assistance linked to Payment Cards and Bank Accounts in South Korea
TABLE OF CONTENTS

0.0 EXECUTIVE SUMMARY 1

1.0 INTRODUCTION 2

What is this report about? 2
The provision of 30 forms of niche insurance and assistance is investigated in this study 2
Rationale 2
The new research builds upon that pioneered by Finaccord over a period of almost a decade in Europe 2
Methodology 4
Primary survey 4
The research covers 1,043 specific banking products offered by 20 banks and other organisations 4
Semi-weighted provider share of partnerships 5
Market size modelling 5
Operating models 6
Abbreviations 6
Definitions of specific types of insurance and assistance 7
PartnerBASE 9
Finaccord 10

2.0 MARKET ANALYSIS 11

Banks and other payment card issuers covered 11
Introduction to the banking market 11
South Korea's market hosts five major retail banks and four dominant financial groups 11
Introduction to the payment card sector 11
. and its payment card sector is among the most sophisticated in the world 11
BC Card operates the largest domestic payment network in South Korea 12
The number of credit cards in circulation is likely to have peaked in 2011. 12
.when credit cards per capita reached an extraordinarily high 2.45 12
Insurance and assistance linked to payment cards and bank accounts 14
Overview of payment card and bank account products analysed 14
Co-branded, retailer and affinity cards make up close to a half of the products researched 14
Broad types of insurance and assistance cover 15
Creditor cover dominates the market for insurance and assistance products linked to credit cards. 15
Specific types of insurance and assistance cover 17
. given its availability in association with well over a half of credit card products analysed 17
Travel-related policies do not normally provide comprehensive cover 17
Apart from creditor cover, most insurance and assistance services do not require payment of an extra fee 17
Operating models 21
Captive underwriters are particularly active in the field of travel-related insurance 21
Competitor share of partnerships 23
Accident / health cover: at least ten providers are active in this segment 23
Creditor cover: Hyundai Marine and Fire benefits from its major partnership with the BC Card network 24
Shopping-related cover: five providers are visible in this field 24
Travel-related cover: International SOS has established a comparatively strong presence in this area 25
Other cover: Hyundai Marine and Fire claims by far the highest semi-weighted share of partnerships 26
Concierge services: its partnerships mean that Aspire Lifestyles is easily the market leader 26
Market size 27
One category of cover is likely to account for the vast majority of South Korea's market. 27
. with the country's banks funding a comparatively modest value of cover themselves 28



LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY 1

1.0 INTRODUCTION 2

Specific types of insurance and assistance policy researched, grouped by broad category 3

2.0 MARKET ANALYSIS 11

Number of debit and credit cards in South Korea, 2009 to 2013 13
Key metrics for debit and credit cards in South Korea, 2009 to 2013 13
Summary of payment card and bank account products analysed in South Korea, segmented by category, 2013 14
Summary of payment card and bank account products analysed in South Korea, segmented by category, 2013 (table) 15
Relative weight of insurance and assistance policies linked to payment card and bank account products in South Korea, segmented by broad type of cover, 2013 16
Penetration of specific types of insurance and assistance linked to payment card and bank account products in South Korea, 2013: all products 18
Penetration of specific types of insurance and assistance linked to payment card and bank account products in South Korea, 2013: premium products only 19
Split of specific type of insurance and assistance linked to payment card and bank account products in South Korea between automatic cover and cover available for an additional fee, 2013 20
Operating models used for insurance and assistance policies linked to payment card and bank account products in South Korea, segmented by specific type of cover, 2013 22
Competitor share of partnerships for accident / health insurance and assistance policies linked to payment card and bank account products in South Korea, 2013 24
Competitor share of partnerships for creditor insurance policies linked to payment cards in South Korea, 2013 24
Competitor share of partnerships for shopping-related insurance policies linked to payment card and bank account products in South Korea, 2013 25
Competitor share of partnerships for travel-related insurance and assistance policies linked to payment card and bank account products in South Korea, 2013 25
Competitor share of partnerships for other insurance and assistance policies linked to payment card and bank account products in South Korea, 2013 26
Competitor share of partnerships for concierge services linked to payment card and bank account products in South Korea, 2013 27
Estimated gross written premiums for insurance and assistance linked to payment cards and bank accounts in South Korea, segmented by broad type of cover, 2013 (USD million) 28
Estimated gross written premiums for insurance and assistance linked to payment cards and bank accounts in South Korea, segmented by cover acquired automatically and cover acquired through payment of an additional fee, 2013 (USD million) 29

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