Ladies and gentlemen, 

I'm Byun Dong Shik, the president of Financial News, who was just introduced.

For the development of the insurance industry, Financial News has been co-hosted

with the Insurance Research Institute for 16 years.

Welcome to the Global Insurance Symposium.

I would like to thank the distinguished guests including Lee Bok-hyun, 

the head of the Financial Supervisory Service, Ahn Chul-kyung, 

director of Insurance Research Institute, and the insurance company representatives

who took precious time to attend the event despite their busy schedule.

Recently, as digital transformation has become a hot topic, InsurTech, 

which combines technologies such as artificial intelligence, big data, and blockchain, 

is creating a wind in the insurance industry.

In particular, artificial intelligence has a huge impact enough to change 

the traditional paradigm of insurance.

Global investment in InsurTech exploded nearly 100 times from $100 million 

in 2009 to about $10 billion last year.

This is because interest and demand for new technologies such as 

non-face-to-face services have increased through the COVID-19 pandemic.

InsurTech has also revolutionized the core business of insurance companies.

Now, using AI and natural language processing technology, an average of 

three minutes from insurance to billing is enough.

U.S. InsurTech company Lemonade's insurance claims AI chatbot 'Jim' 

processed insurance claims in three seconds.

Insurance companies provide customized services by incorporating artificial 

intelligence into customers' electronic health information.

The insurance industry is at a crossroads of sustainable growth due to 

the rapid progress of low birth rates and aging population and interest rate risks.

At this point, InsurTech will be an important catalyst for changing 

the insurance ecosystem through structural innovation as well as insurance services.

Strengthening digital competitiveness is essential for future growth.

In order for the Korean insurance industry to escape from the domestic market 

and compete on the global stage, it must improve its constitution through digital innovation.

The active willingness of insurance companies are important.

Global insurers are already seeing the effect of increasing profits 

by increasing the quality of services through digital innovation.

Accordingly, the theme of this Global Insurance Symposium is 

"Insurance Ecosystem Innovation Generated from InsurTech".

We would like to look at how InsurTech is innovating in the UK, China, and Singapore, 

and consider the way for the domestic insurance industry to move forward.

Professor Meryem Duygun, Vice President Cai Ting, Co-founder Alex Leung 

will tell you something useful. Thank you.

I wish health and good luck to everyone who attended today's symposium. Thank you.

Byun, Dong Shik  

President,

The Financial News