No Paper Documents for Mortgage Loans... Hanwha Life Launches Electronic Subscription System 'Loan Planner'

Loan Processing Time Reduced from 1.5 Hours to 0.5 Hours
Annual Cost Savings of 1 Billion KRW

[Asia Economy Reporter Minwoo Lee] Hanwha Life Insurance has established a system that processes mortgage loan services digitally. By eliminating paper documents, customer convenience is expected to improve, and various costs can also be reduced.

On the 23rd, Hanwha Life announced the launch of the electronic contract system "Hanwha Loan Planner" to enhance the convenience of mortgage loan customers through loan consultants.

This is a tablet PC-based electronic loan system that allows loan consultants to visit customers and handle everything from consultation to loan document preparation digitally.

Hanwha Life customers can obtain loans without visiting the loan center. Not only is the document preparation and processing time significantly reduced, but cost savings are also expected through the elimination of paper documents.

Typically, about 70 documents are required to complete one mortgage loan. Considering that Hanwha Life received approximately 11,000 mortgage loan applications last year, this translates to a reduction of 770,000 sheets annually. Hanwha Life expects to save about 1 billion KRW annually, including document storage costs and labor expenses.

The loan processing time is also significantly shortened. When customers visited the loan center, it took about 1 hour and 30 minutes, but when loan consultants visit customers and process through the electronic system, it is reduced to about 30 minutes. It is also explained that omissions of documents and signatures are prevented, and customer personal information security has been strengthened.

Jang Jongmyung, Head of Hanwha Life’s Loan Digital Business Division, stated, "In the future, we plan to upgrade the system to enable customers to apply for non-face-to-face loans directly via mobile without submitting supporting documents by introducing scraping technology into the loan process."

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