LGU+ Simplifies Mobile Phone Insurance Claim Process

Linking Insurance Claim Documents with Blockchain Distributed Ledger Technology
If Review Completed by 4 PM, Insurance Payment Made Same Day
Available for Customers Using LG Electronics and Samsung Electronics Service Centers

Photo by LG Uplus

[Asia Economy Reporter Kim Heung-soon] LG Uplus announced on the 5th that it has simplified the insurance claim process for lost or damaged mobile phones.

This was achieved through the linkage between the 'U+ Mobile Phone Insurance App' and the blockchain-based mobile electronic certification service called the 'Initial App.' The Initial App is a mobile electronic certification service participated in by 14 companies including LG Uplus, telecommunications, finance, card, and manufacturing sectors. It utilizes blockchain technology to facilitate easier document submission.

Since July last year, LG Uplus simplified the process for customers using LG Electronics mobile phones by linking repair cost information from the manufacturer through the U+ Mobile Phone Insurance App, allowing insurance claims without submitting separate documents. Compensation processing was possible without submitting repair receipts or estimates.

This time, the service has been expanded to customers using Samsung Electronics mobile phones. When customers press the 'Automatic Document Link' button in the U+ Mobile Phone Insurance App, Samsung Electronics repair cost information is linked through the electronic certification service, Initial App. LG Uplus also links repair cost information with insurance companies in real-time, and if the review is completed by 4 PM, the insurance payment is deposited on the same day of application.

Until now, customers using lost or damaged phone insurance had to go through several steps to receive insurance payments. In case of damage, they had to visit the device manufacturer's service center for repairs, obtain repair receipts and estimates, then fill out a damage compensation application form and submit it to the insurance company's compensation center.

Lee Jong-seo, LG Uplus Customer Retention Manager, said, "The service has been expanded to allow faster and easier claims for lost or damaged phone insurance through blockchain technology," adding, "We hope more customers use the simplified insurance claim process to use their phones without worries about loss or damage."

Meanwhile, LG Uplus revamped its mobile phone insurance product starting from the 1st by extending the insurance subscription period to 60 days after activation and reducing the monthly usage fee burden to increase customer benefits.

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