Intro

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.

Overview 

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, cayley@fnmice.com