Hyundai Marine & Fire Insurance Introduces 'Fingerprint Authentication Electronic Signature' for Insurance Contracts

Hyundai Marine & Fire Insurance announced on the 5th that it has introduced a 'Fingerprint Authentication Electronic Signature' system that allows customers to conclude insurance contracts by capturing their fingerprints with a smartphone.

[Asia Economy Reporter Oh Hyung-gil] Hyundai Marine & Fire Insurance announced on the 5th that it has introduced a 'Fingerprint Authentication Electronic Signature' system that allows customers to conclude insurance contracts by capturing fingerprints with their smartphones.

Hyundai Marine & Fire Insurance introduced a mobile direct signature electronic subscription system in 2017, but electronic subscription was not possible for contracts where the policyholder and the insured were different. With the introduction of the fingerprint authentication electronic signature system, contracts where the policyholder and the insured are different can also easily use electronic subscription.

In particular, the existing 10-step written subscription process was reduced to 4 steps. Previously, up to 15 handwritten signatures were required when concluding a written contract, but the fingerprint authentication electronic signature system allows the contract to be concluded with just one electronic signature, greatly enhancing convenience.

Additionally, security has been strengthened to eliminate concerns about customer information leakage. The captured fingerprint is immediately encrypted, and the encrypted fingerprint information is stored separately by Hyundai Marine & Fire Insurance and the Korea Financial Telecommunications & Clearings Institute. No information remains on the capturing device after the fingerprint information is transmitted.

It is expected that approximately 13.7 million sheets of paper can be saved annually through fingerprint authentication electronic signatures.

Jung Kyu-wan, Head of Digital Strategy Division at Hyundai Marine & Fire Insurance, said, "We expect customer convenience and insurance planners' work productivity to improve through fingerprint authentication electronic signatures," adding, "With the introduction of mobile direct signatures and this fingerprint authentication electronic signature, we will proactively establish a digital-based paperless environment in the future."

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