Insurers rev up digitalisation drive to outdo challenger

Insurance coverage firms in South Korea are accelerating efforts to hurry up digitalisation of their operations as Web large Kakao Corp pushes to determine the nation’s third digital normal insurer.

The digitalisation drive can be to cope with buyer necessities within the COVID-19 period, reported Korea Bizwire.

Hanwha Normal Insurance coverage launched the business’s first digital system that permits its clients to settle their claims and obtain funds on a non-face-to-face foundation with out having to fulfill the corporate’s claims-handling employees.

NongHyup Life Insurance coverage and Prudential Life Insurance coverage additionally launched their very own non-face-to-face insurance coverage services and products.

This temper is effectively mirrored within the New Yr speeches delivered by the CEOs of most normal insurance coverage firms, who put a high precedence on digitalisation.

Kakao Financial institution, South Korea’s second Web-only financial institution managed by Kakao Corp, achieved speedy development on the again of the dominant messaging app KakaoTalk. Kakao Pay, a cell cost service built-in with KakaoTalk, is predicted to enter the automobile insurance coverage enterprise after build up accessibility by preliminary focus on short-term and small-amount insurance coverage merchandise. Thus, the non-life insurance coverage sector expects Kakao’s digital normal insurance coverage firm to have a powerful influence.