KB Insurance Promotes Driving Habit-Linked Insurance Based on Traffic Big Data

[Asia Economy Reporter Oh Hyung-gil] KB Insurance announced on the 17th that it has signed a multilateral business agreement with the Korea Transportation Safety Authority, Hyundai·Kia Motors, and Hyundai Commercial to develop Usage-Based Insurance (UBI) products linked to driving habits based on traffic big data.

The Korea Transportation Safety Authority is promoting the introduction of an incentive system linked to driving habits, such as fuel cost reduction and insurance premium discounts. Accordingly, KB Insurance plans to expand services such as developing next-generation digital tachographs (DTG) with automakers and launching UBI products based on traffic big data.

KB Insurance is currently selling UBI products such as the T-map Safe Driving Discount Special Contract and Connected Car Safe Driving Discount Special Contract, and through this business agreement, it will promote the development of a third UBI product.

Kim Min-ki, Executive Director of the Automobile Insurance Division at KB Insurance, said, "We plan to further diversify UBI products in the automobile insurance market," adding, "We will actively strive to align with KB Financial Group's ESG management policy by continuously developing UBI products that encourage fossil fuel reduction and accident prevention."

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