Mirae Asset Life Accelerates Digitalization... Electronic Subscription Rate Approaches 80%

[Image source=Yonhap News]

[Asia Economy Reporter Oh Hyung-gil] Mirae Asset Life Insurance is expanding its electronic subscription method using smart devices to its entire sales network. As face-to-face insurance sales have become difficult due to the spread of the novel coronavirus (COVID-19), performance is being determined by how well non-face-to-face sales have been prepared.

According to Mirae Asset Life Insurance on the 22nd, the electronic subscription rate among new contracts has been approaching 80% every month this year. Electronic subscription is a system that allows insurance consultation and enrollment using smart pads or tablet PCs.

Since introducing the mobile subscription system in 2012, Mirae Asset Life Insurance has continuously upgraded it, providing functions from product design to customer and contract management, as well as financial planning.

Since October last year, it has been operating the industry's first insurance subscription supplementary service using mobile devices. The entire insurance contract process can be conducted via smartphone, making it convenient for customers and financial consultants (FCs) to use.

Previously, when concluding an insurance contract, documents needed to be revised or medical records submitted, requiring FCs and customers to meet again for signatures or to proceed with the work. In cases where the policyholder and the insured were different, the FC had to meet all parties involved.

However, with the mobile security service, customers are notified via smartphone alert talk, and they can take photos of the relevant documents using their smartphones and submit them as is. Mobile subscription is possible even for contracts where the policyholder and the insured are different, and contracts involving minors can be completed in a one-stop process.

A representative of Mirae Asset Life Insurance said, "We are reinvesting the costs saved through cost efficiency into sales and discovering new future revenue sources through mobile-based digitalization," adding, "This year, we plan to focus more on creating unique value."

This content was produced with the assistance of AI translation services.