Fintech Insurance
Dongbu Fire Insurance released the first “chatbot” service in the South Korean non-life insurance market on December 19. Its chatbot provides information on insurance claims, insurance documents, loan contracts, branches, offices, etc.
The company’s chatbot service differs from the other insurers’ messenger services for customer communication in that the latter are one-way and the former answers customers’ questions based on data analysis. The chatbot is currently focusing on simple and frequent questions, but it is expected to become capable of precise customer-specific communication as well once data is accumulated and its algorithm is improved. In the life insurance industry, earlier Lina Korea launched a similar service last month.
Artificial intelligence is becoming increasingly prevalent in the asset management industry, too. For example, ING Life released the first robo-advisor fund in the country in July this year and its popularity has overwhelmed the others. “With uncertainties mounting in the financial market, more and more customers are putting their trust in the fund AI runs based on big data with human intervention minimized,” the company mentioned.
Under the circumstances, insurance fintech startups are emerging these days along with unprecedented business models, examples of which include services for connection between customers and insurance planners and P2P insurance services for groups of customers’ negotiations with insurers.