NAVER Pay Launches Enhanced Car Insurance Comparison Platform

SEOUL, March 20, 2025 - NAVER Pay announced Thursday that it has implemented "Car Insurance Comparison and Recommendation 2.0," an enhanced car insurance comparison service.

The upgraded system, developed under the Financial Services Commission's initiative, receives expanded data from the Korea Insurance Development Institute.

NAVER's upgraded service automatically imports key vehicle data. Therefore, customers do not need to manually enter the insurance expiration date, vehicle model year, or specific model information.

NAVER's automatic data integration is achieved through a simple authentication process, and the company says it can also improve the quote's accuracy.

The new service incorporates nine discount options into premium calculations, including mileage, driving scores, public transportation usage, and step count.

Users can select applicable discount options during the comparison process to receive adjusted premium estimates from each insurance provider.

For users whose insurance policies expire on or after April 19, the system will generate identical premium calculations as those provided on insurance companies' official websites.

This enables consumers to accurately identify the lowest available premium among ten property and casualty insurers under equivalent conditions.

According to NAVER Pay data collected between January 2024 and February 2025, users received recommendations for premiums averaging KRW 645,000, representing a 29 percent reduction from the previous average of KRW 906,000.

Fifty-five percent of users received quotes at least KRW 10,000 below their existing premiums, with one case documenting a decrease from KRW 1.05 million to KRW 530,000.