South Korea's Hanwha General Insurance Co. Ltd. plans to set up an online insurance joint venture with SK Telecom Co. Ltd., The Chosun Ilbo reported.

Hanwha General Insurance will file an application for an online insurance business license from the country's Financial Services Commission in October. The approval process could take several months. The insurer said it has already received board approval for the plan, according to the report.

SK Telecom, a wireless telecommunications operator, is not eligible to invest in an internet bank under South Korea's recently passed law on internet banks.

The Hanhwa-SK insurance joint venture is expected to be launched in early 2019. The joint venture will be able to tap SK Telecom's 25 million customers as a captive market for customized online consumer insurance products such as smartphone insurance, car insurance and travel insurance.