Insurance platform providers and insurance planners are starting to work together in more various ways. In the past, insurance platform providers simply supplied their applications to insurance planners to make insurance planners’ work easier. However, insurance platform providers are now providing their supports in various ways from analysis to planning as they provide services based on IT technologies such as matching algorithm and Big Data.
According to industries, insurance platform providers such as Bomapp, DLemon, and GoodRich are enhancing their services for insurance planners while they are improving their applications.
Bomapp is going to introduce matching algorithm based on Big Data to its version 3.0 that will be introduced early next year. Through this new version, consumers will be able to find out analytical information regarding insurance products that they are part of. Also, they can be recommended for contents and file insurance claims.
Besides information that is deduced from this process, Bomapp is also going to utilize evaluations filled out by consumers on insurance planners to separate outstanding planners from others. By doing so, it is able to prevent incomplete sales.
DLemon is currently operating an application called ‘Lemon Bridge’ based on search engine technology. This application connects information on insurance contracts with insurance companies’ guarantee analysis systems. By inputting distinguished codes of insurance planners, a person is able to inquire latest status of contracts of 42 insurance companies (life insurance, indemnity insurance, and co-op) in real-time.

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Lemon Bridge is applied with blockchain technology and it records process of transmission of personal information within ‘private blockchain’. As a result, it can prevent any forgery or falsification of personal information and other illegal activities.
GoodRich is also providing ‘insurance analysis’ function that helps its customers understand what their insurances guarantee. It is also operating a special group that is composed of 2,400 insurance consulting experts, to provide accurate diagnosis through its service.
Insurance platform providers are expecting that different types of cooperation between them and insurance planners will continue to take place as there is still asymmetry of information within insurance industry.
Asymmetry of information indicates a situation where a person has more information than the other. As a result, there is a possibility that a person with less information will end up making an unfavorable selection and there is also a possibility that moral risks may occur.
“There are many cases where consumers join insurance without knowing much details.” said a representative for the industry. “As new IT technologies are applied to insurance platforms, these platforms will help people understand more about insurance products and make right choices.”
Staff Reporter Park, Yoonho | yuno@etnews.com