Kyobo Life Insurance Digitizes Policy Enrollment... "Maximizing Customer Convenience"

[Asia Economy Reporter Changhwan Lee] Kyobo Life Insurance has significantly reduced the underwriting processing time by applying digital technology to the existing insurance subscription process, eliminating the inconvenience of submitting additional supplementary documents, and maximizing customer convenience.

On the 19th, Kyobo Life Insurance announced that it has launched the 'Pre-Subscription Response Inquiry Service (K-PASS),' which allows consultants to input information such as pre-contract disclosure obligations and detailed disease notifications digitally before the customer actually applies for insurance after the consultant proposes an insurance product, enabling immediate confirmation of underwriting results.

The biggest feature of K-PASS is that it has transformed the preliminary inquiry process for insurance subscription into a data-based digital method. The core is to process insurance contract underwriting as quickly as possible and to enhance convenience by minimizing the time and procedures during the subscription underwriting process for customers.

Consultants can immediately provide information on all products and riders available for subscription based on the customer's disclosures and confirmed medical history. Previously, underwriters had to check the disclosed information and determine underwriting conditions according to the underwriting manual, so a certain amount of time was inevitably required to confirm the final underwriting result.

For example, to confirm an underwriting result such as a '3-year lumbar burden coverage,' one had to wait about 6 hours on average for basic disease underwriting. However, from now on, subscription eligibility and conditions can be checked in real-time through K-PASS.

In particular, cases such as 'post-subscription acceptance rejection' or 'change of subscription conditions' due to customers providing incorrect information to consultants and then supplementing documents after subscription or signing the application form have become rare.

Kyobo Life Insurance expects the automatic underwriting rate for insurance subscriptions to increase to over 70% with the introduction of K-PASS.

Along with speed, accuracy has also improved. K-PASS has expanded the disease information handled in the existing disease underwriting manual system from 571 diseases to 36,600.

By applying inquiries and answers for each disease name, treatment timing, treatment period, treatment details, affected area, and current status according to the latest underwriting standards, accuracy has been maximized.

A Kyobo Life Insurance official said, "Through complete subscription without changes to the application content, we can get closer to practicing the Financial Consumer Protection Act," and added, "We will continue digital innovation attempts related to insurance business processes to provide consumer-centered services."

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