Mubo Launches Mobile Direct Guarantee and Insurance... "'Digital Trade Insurance Era' Begins"

"Easy Anytime, Anywhere with Mobile Phone... Realizing 'Trade Insurance in My Hand'"

[Asia Economy Reporter Moon Chaeseok] The Korea Trade Insurance Corporation announced on the 18th that it has newly launched 'Mobile Direct Guarantee' and 'Mobile Direct Insurance (Direct Insurance)'. The corporation emphasized that this marks the beginning of a full-fledged 'digital trade insurance' era.

These services were prepared to support overseas market development and strengthen liquidity for small and medium-sized enterprises despite the COVID-19 crisis.

The Direct Guarantee has been available for use since the 18th. The Direct Insurance is currently in pilot operation and is scheduled for official launch next month.

The biggest feature of the Direct Guarantee and Insurance is that customers can complete the entire process from application to subscription in a one-stop manner via their mobile phones.

Customers do not need to submit documents or visit branches. An automatic screening system has been introduced to allow immediate subscription upon application.

In particular, the Direct Guarantee allows users to handle both guarantee and loan services within a single application. There is no longer a need to visit guarantee institutions and banks separately.

Additionally, for the first time among public institutions, the target users of the non-face-to-face Direct Guarantee have been expanded from individual businesses to corporate enterprises.

A Korea Trade Insurance Corporation official said, "With the introduction of mobile Direct Guarantee and Insurance, we have realized 'trade insurance in the palm of your hand' and set a new milestone in the 'Trade Insurance Digital Innovation Roadmap.'"

The corporation established its Fintech Division in July last year, the first since its founding. In November of the same year, it hired an 'RPA (robotic process automation) robot employee.' Since then, it has consecutively introduced digital services such as the 'non-face-to-face trade insurance platform' in March and 'online trade insurance' in June.

To launch the mobile Direct Guarantee and Insurance, the corporation built cooperative relationships with related agencies such as the National Health Insurance Service, Korea Customs Service, and National Tax Service. It linked information from these agencies and enabled the corporation to directly use the information necessary for screening.

Lee In-ho, president of the Korea Trade Insurance Corporation, emphasized, "This year marks the starting point of innovation that moves away from the paradigm relying on paper and visits, shifting to 'paperless and non-face-to-face,' and the first year of 'digital trade insurance.'"

President Lee added, "Next year, we will create a new history of digital trade insurance by incorporating keywords of the post-COVID-19 era such as big data and 5G."

Source=Korea Trade Insurance Corporation

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