Major GA (General Agency) called A+ Asset is planning to launch its own mobile application and compete with others regarding Insurtech services.
It is taking this measure as paradigm within insurance industry has recently revolved around Insurtech based on IT and Big Data. It is expected that A+ Asset, which has significant amount of manpower and funding power, will bring new changes to relevant markets as it is preparing to enter Insurtech market.
According to relevant industries, A+ Asset recently launched a customer mobile application called ‘Bopple’ and a planner mobile application called ‘Bople TFA’ and is testing these two applications.
“We are currently testing our mobile applications for customers and planners.” said a representative for A+ Asset. “After tests are over, we are going to launch them officially sometime at the end of March or early April.”
Its application for customers provides a service that allows customers to check their insurances and coverage at once and it also has an insurance analysis function that recommends necessary insurance through AI (Artificial Intelligence). Besides these functions, it also provides insurance claim service as well as professional consulting service that goes through internal planners.
Its application for planners is comprised of contents that are useful for planners for their businesses. Through this application, planners are able to check their schedules, detailed breakdown of their customers, and results from analysis on coverage through AI.
“There are not many Insurtech providing companies that provide insurance analysis services through AI.” said a representative for A+ Asset. “We will be able to provide more accurate service in the future through Deep Learning and other technologies.”
A+ Asset is drawing attention from relevant industries as it is a major GA that is threatening other GAs that have already established themselves within Insurtech market. A+ Asset was established in June of 2007 by Chairman Kwak Geun-ho, who used work a director for Samsung Life Insurance, and it is expanding its business towards mutual aid service, real estate consulting and investment consulting, damage assessment, and loan brokerage.
It made $135 million (152.9 billion KRW) and $14.7 million (16.7 billion KRW) in sales and quarterly net profit respectively during third quarter of 2018 and it showed significant increased performance compared to third quarter of 2017 (sales: $131 million, quarterly net profit: $10.1 million). It currently has about 3,800 insurance planners alone.
A+ Asset entering Insurtech market is connected to prolonged economic depression. Insurance-related industries are having difficulties in finding new customers due to prolonged economic depression. As a result, GAs and Insurtech companies are analyzing tendencies by utilizing customer information and are showing business strategies that are drawing new contracts by providing optimal products and services.
“GAs have been leaning too much on insurance planner-based businesses.” said a representative for the industry. “A+ Asset will be a significant threat to current GAs.”
Staff Reporter Park, Yoonho | yuno@etnews.com