Lotte Insurance Signs Agreement to Build Next-Generation Insurtech Convergence Platform

[Asia Economy Reporter Oh Hyung-gil] Lotte Insurance announced on the 15th that it has signed a strategic business agreement (MOU) with Insurobo, TmaxData, Hyundai BS&C, and HDAC Technology to jointly develop core InsurTech technologies and activate marketing.

Recognizing the need to expand new InsurTech convergence platforms and related services, the companies agreed to jointly promote the planning and development of new-concept insurance services, and the establishment of innovative ICT technology-based new-concept InsurTech convergence platforms to strengthen each company's business competitiveness.

Lotte Insurance plans to work with its partners to develop an automated underwriting system using artificial intelligence (AI), contract conclusion and compensation systems utilizing chatbots (NLP), identity verification and simplified subscription using OCR for individuals and business operators, and blockchain-based contract management, insurance policies, and insurance claim processing.

Choi So-young, Head of Lotte Insurance's General Insurance Group, said, "This will be an opportunity to enhance and expand competitiveness both technologically and commercially," adding, "We will continue to strive to provide new value to customers by utilizing innovative services that combine core IT technologies."

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