Hanwha Systems Selected as Preferred Negotiation Partner for Heungkuk Life Next-Generation System Construction

[Asia Economy Reporter Jeong Hyunjin] Hanwha Systems ICT division announced on the 7th that it has been selected as the preferred negotiation partner for the 40 billion KRW-scale 'Heungkuk Life Insurance Next-Generation System' construction project.

Hanwha Systems will carry out the IT system construction project covering major insurance operations such as product development, insurance contracts, deposits and withdrawals, as well as financial accounting, sales channels, and overall management operations. The project aims to maximize efficiency in insurance product development and operation and support diversification of sales channels. Hanwha Systems explained that the core of this project is to completely overhaul and advance Heungkuk Life Insurance's existing insurance operation system so that it can quickly and flexibly respond to the digital transformation (DT) of the insurance and financial environment and various customer demands. The introduction of new hardware and software will be separately ordered at a later date.

Hanwha Systems stated that it received high evaluations in terms of technological superiority by reflecting this year's insurance supervision regulation amendments and providing the latest packages based on microservice architecture (MSA) and cloud technology. They also self-assessed that the marketability of their independently developed next-generation insurance core solution brand 'W1NE (Wine)', which modularizes each insurance function like components to shorten new product development time to a maximum of one week, was effective. Launched in July, Hanwha Systems' insurance core solution W1NE provides all insurance operation services such as product development, insurance contracts, deposits and withdrawals, and insurance accounting in an 'all-in-one' manner.

A Hanwha Systems official said, "The selection as the preferred negotiation partner this time is especially meaningful as it was achieved through technological superiority such as the newly introduced Hanwha Systems insurance core solution W1NE and the provision of advanced service packages this year," adding, "We will do our best to build the industry's best financial and insurance system for Heungkuk Life Insurance and support the digital innovation and future business competitiveness maximization of our client."

Previously, Hanwha Systems has been conducting IT system construction and operation in the financial insurance sector for companies such as AIG General Insurance, Mirae Asset Life Insurance, Seoul Guarantee Insurance, Korea Insurance Development Institute, and Carrot General Insurance.

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