We are witnessing how adaptive humans are. Amid the prolonged pandemic, all industries
are changing how they do business, facilitating innovation for contactless business practices.
Insurance is no exception. In the financial sector, insurance is considered a representative
industry, which requires face-to-face interactions. With COVID-19 roaring on, however,
insurance companies rush to implement “InsurTech.” InsurTech is a newly coined word
combining Insurance and Technology. By using information technologies such as data
analysis and artificial intelligence, InsurTech enables insurance companies to stimulate
innovation for contactless business practices.
What are the advantages and disadvantages of InsurTech?
First, Since InsurTech allows financial advisors to understand their customers’ lifestyles
and what disease they have, using big data, insurance advisors can present customized
insurance plans for their customers. Also, customers buy insurance products online
without meeting their financial planners in person. On the other hand, personal information
may be leaked due to the use of insurance products online. Also, those who have difficulty
using the online service are likely to be marginalized. We have to find solutions to these issues.
Let’s look at the domestic and overseas InsurTech markets. According to Grand View Research,
a market research firm, the global InsurTech market will be worth $3.78 billion, or 4.29 trillion won
this year. Also, this figure is expected to grow to $60.98 billion, or 69.2 trillion won) by 2028.
InsurTech has bright prospects.
Domestic insurance companies are rushing to implement InsureTech. Domestic insurance
companies are using AI OCR, an optical character reading device using artificial intelligence,
to receive insurance claims. By doing this, AI will check the terms and conditions of the
agreements, subscription documents when customers sign up for a product.
Also, InsurTech allows insurance companies to collect health data from their customers
and suggest customized health care services or develop new types of insurance products.
Besides, a new AI device for measuring driving data, which is more accurate
than the navigation device has been introduced in the market.
Against this backdrop, the Financial News and Korea Insurance Research Institute jointly hold
“the 14th International Insurance Symposium” on October 14th in the Grand Ballroom (1st floor)
at the Westin Chosun Hotel in Sogongro, Seoul under the theme of “Insurtech, the future of
digital innovation in the insurance industry.” At this event, domestic and foreign experts on
InsureTech will have vibrant lectures and discussions about the current status
and development plans of InsurTech, challenges to be solved,
and government policy directions for InsurTech amid the prolonged pandemic.
Title : The 14th Global Insurance Symposium
Theme : 'Insurtech,' The Future Digital Innovation of Insurance Industry
Date : October 14th(Thur), 2021, 09:00 - 13:00 (KST.GMT+9)
Venue : Grand Ballroom (1F), The Westin Chosun Hotel, Seoul
Host : Financial News, Korea Insurance Research Institute
Sponsor : Financial Services Commission, Financial Supervisory Service,
Korea Deposit Insurance Corporation, Korea Life Insurance Association,
General Insurance Association of Korea, Korea Insurance Development Institute
Contact : Secretariat of the 14th Global Insurance Symposium
Tel, +82-2-6965-0026 / E-mail, firstname.lastname@example.org