DB Insurance Leads 'Insurtech' with Digital Innovation Using AI

[Asia Economy Reporter Oh Hyung-gil] DB Insurance is leading insurtech (insurance + technology) through digital innovation by operating a specialized organization for artificial intelligence (AI) and big data.

According to DB Insurance on the 23rd, the company formed a digital specialized organization in January 2017, and currently, 15 experts in AI and big data are working there.

They have introduced advanced technologies such as the Promy chatbot service that provides insurance consultation using AI, obtaining patents for mobile insurance policies, and insurance enrollment through biometric authentication. Recently, they developed the industry's first service called 'DB V-System,' which allows consultations via high-definition video calls with customers or repair shops without face-to-face meetings, enhancing customer satisfaction.

Additionally, in 2016, they launched the industry's first driver habit-linked insurance, which collects information such as driving speed, sudden acceleration, and sudden braking using navigation devices attached to vehicles. If safe driving is maintained, insurance premiums are discounted by up to 11% based on scores. This product, a representative example of fintech utilization, also obtained a 6-month exclusive usage right. It has encouraged consumers to drive safely and receive premium discounts, with over one million subscribers to date.

The driving force behind actively promoting digital innovation, which requires significant costs and does not yield immediate results, was the role of Kim Jeong-nam, Vice Chairman of DB Insurance, who is regarded as the longest-serving CEO. Vice Chairman Kim recognized changes in the insurance market through his extensive experience and know-how and provided active support.

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