DB Insurance has emerged as the icon of insurance industry as it has started focusing on Insurtech.
It established a department responsible for Insurtech with IT personnel and it is making partnership with various Insurtech companies. Its move is contrast to other insurance companies that are taking careful approach towards Insurtech while Insurtech is emerging as a major trend globally.
This change started when President Kim Jung-nam of DB Insurance focused on ICT (Information Communication Technology) as the solution to crisis that is taking place within insurance industry.
“Big waves that are brought by Industry 4.0 based on ICT are quickly changing our daily lives.” said President Kim. “Results that come from careful strategies and execution are very important and these have to be our best values and virtues.” said President Kim during his New Year’s address for this year.
This plan was already put into action since last year.
Not only was DB Insurance was selected as the operator of ‘2018 Big Data Flagship Leading Project’, which was ran by South Korean Government, but it had also participated in a blockchain pilot project of Korea Customs Service.
DB Insurance made business partnerships with five Insurtech companies since last year.
It made these partnerships after predicting that various Insurtech companies that focus on simplification of non-face-to-face insurance membership, simple claim of fee-for-service insurance, and automatic insurance analysis solution will eventually lead insurance industry in the future.
Starting with Daily Financial Group in early 2018, it made business partnerships with Kakao and Rainist. In February of this year, it has decided to work with KISA (Korea Internet & Security Agency) in an academy project that finds and promotes outstanding Insurtech companies and helps these companies with commercialization. With Bomapp, it has decided to develop services and products that are connected to AI (Artificial Intelligence and UBI (Usage-Based Insurance). Besides these companies, DB Insurance is planning to make more partnerships with Insurtech companies in various areas.
Not only is DB Insurance working on external projects based on Insurtech, but it is also utilizing Insurtech to innovate its internal process.
It is currently working on automating tasks through AI-based Smart Contact Center and RPA (Robotic Process Automation). It is working on improving its ability to predict loss ratio and continuous rate through customer trust-based services and data analysis.
President Kim had his eyes on ICT industry since many years ago.
From 2005 to 2009, he had held vice-president position for new business sectors within DB Insurance. He also decided to establish an IT department that is comprised of IT personnel in 2017. Corresponding department succeeded on developing new products and services based on new ITs, improving insurance process, and innovating customers’ values.
“DB Insurance will focus on expanding customer services through mobile devices and improving convenience level of customers this year.” said President Kim. “We are going to innovate entire tasks and take active measures towards insurance industry that is changing quickly by improving our Insurtech further.”
“Although global insurance companies are introducing services and products based on new technologies by working with Insurtech companies, South Korean insurance companies are taking passive approach.” said representative for the industry. “Many insurance companies are focusing on unprecedented move by DB Insurance.”
Staff Reporter Park, Yoonho | yuno@etnews.com