KT and DB Insurance to Create Korea's First 'Service Robot Insurance'

KT Signs MOU with DB Insurance to Develop 'AI Service Robot Exclusive Insurance'
Promoting Dedicated Product Development to Boost Rapidly Growing Service Robot Market

Lee Sang-ho, Head of KT AI Robot Business Group (left), and Ryu Seok, Executive Director of DB Insurance.

[Asia Economy Reporter Eunmo Koo] KT announced on the 26th that it has signed an MOU with DB Insurance to collaborate on the development of an ‘AI Service Robot Exclusive Insurance’.

KT plans to first subscribe to liability insurance through DB Insurance’s ‘AI Serving Robot Service Product’ to be launched at the end of June, and collect accident data occurring during one year of robot operation. The two companies plan to analyze the collected data and jointly develop a dedicated insurance product specialized for robots.

As demand for service robots is increasing domestically and internationally, the robot market is expanding from industrial robots used in factories to the service robot market that can replace human-provided services such as serving and delivery. According to market research firm BCG Publication, the global service robot market size has grown at an average annual rate of 13% since last year and is expected to surpass the industrial robot market size after 2025.

KT stated, “There has been a regret that there is no appropriate insurance product in Korea that covers all possible accidents arising from operating service robots,” and explained, “KT has decided to develop the first ‘AI Service Robot’ exclusive insurance together with DB Insurance to revitalize the service robot market.”

Song Jae-ho, Head of KT AI·DX Convergence Business Division (Vice President), said, “In the current market situation where AI service robots are gradually spreading, the cooperation between KT and DB Insurance will be the first step in providing high-quality customer satisfaction services,” and added, “Both companies share the importance of cooperation to discover new future growth engines and will present products that satisfy customers.”

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