Cloud-Based Video Conferencing Also OK... Kyobo Life Designated as Innovative Financial Service

Relaxation of Network Separation Regulations Applied... Accelerating Digital Innovation

Kyobo Life Insurance will be able to use various Software as a Service (SaaS) utilizing the cloud within its internal network. This will enable video conferencing, real-time data sharing, and more, allowing for more efficient decision-making and cost reduction.

On the 19th, Kyobo Life Insurance announced that its "Cloud-based Collaboration Tool Software for Internal Network Use in Financial Services," which allows SaaS to be used within the internal network of financial companies, has been designated as an innovative financial service under the Financial Regulatory Sandbox by the Financial Services Commission. Introduced in April 2019, the innovative financial service system temporarily relaxes regulations for services with outstanding innovation to enhance consumer benefits.

Until now, financial institutions and electronic financial service providers had to completely separate computer networks connected externally from those connected only internally due to the "network separation regulation." As a result, the use of work tools requiring online updates, such as SaaS, was restricted. It was said to be difficult to keep up with the rapid digital transformation trend.

With this designation, Kyobo Life Insurance employees will be able to conduct real-time video conferences and share data using tools like Microsoft (MS) Teams. Since COVID-19, it is expected that employees will be able to work flexibly without constraints of time and space.

Cost savings related to system development and maintenance are also anticipated. It is explained that various financial products and services can be developed through data-driven decision-making and the advancement of innovative non-face-to-face idea exchanges.

Kyobo Life Insurance plans to officially launch the service in November after system inspection and enhancement work. A Kyobo Life Insurance official stated, "We can expect business innovation by actively utilizing cloud-based collaboration tools," and added, "We will do our best to return the improved productivity of our employees to expanded customer service."

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