Life Insurance Industry Accelerates Digital Transformation... Enhancing Consumer Convenience

[Asia Economy Reporter Oh Hyung-gil] As the domestic life insurance industry accelerates its digital transformation, it is making new attempts and considerable efforts to enhance consumer accessibility and convenience.

Insurtech, which innovates insurance through new technologies such as artificial intelligence (AI) underwriting systems, mobile-based services, and online mini-insurance subscription platforms, is gaining attention.

According to the insurance industry on the 12th, life insurers have recently been introducing digitalization in various fields and tasks. With the emergence of insurtech driven by the 4th Industrial Revolution, the entry of big tech companies into the insurance business, and the MZ generation, who are familiar with digital environments, emerging as a major consumer group, the industry is breaking away from the traditional conservative and rigid framework to develop new services and focus on digital transformation.

In particular, through collaboration with fintech companies, new services such as insurance coverage analysis and digitalization of subscription and claim procedures are being implemented. Some life insurers are also operating nurturing programs that support startup investments and provide office space.

By major types, the life insurance industry is improving work efficiency by promptly handling cases eligible for automatic review through AI underwriting programs developed in-house, and enhancing convenience by omitting procedures such as document submission and information collection from customers.

Additionally, they are developing and operating financial platform applications capable of one-stop services, or building systems that allow insurance subscription and claim filing via mobile devices.

They also operate online mini-insurance subscription platforms and provide integrated internet platforms with information related to all insurance products sold by life insurers.

An official from the Life Insurance Association explained, "The insurance industry, having entered the digital transformation era, is shifting its paradigm from simply providing coverage services to risk prevention and management integrated with digital technology. In the future, all processes of the insurance business, from product development, sales, to after-sales management, will be digitalized."

He added, "Life insurers are strengthening their digital capabilities and competitiveness through collaboration with fintech companies and nurturing startups during the digitalization process. It is expected that a virtuous cycle environment will be created where insurance companies and innovative small and medium fintech companies can grow together."

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