Park Jin-hai primarily focuses on K-dramas, entertainment shows and actor interviews. Beyond that, she also pens articles covering the broader arts scene, with a particular emphasis on classical music, dance and various aspects of lifestyle. Since joining The Korea Times in 2013, she has made significant contributions in the realms of hallyu (Korean wave), industry news and international affairs.
Fintech makes insurance planning smarter
A Hanwha Life financial planner, left, talks about an insurance policy with a client, holding a tablet PC, at the company’s headquarters in Seoul. / Courtesy of Hanwha Life
By Park Jin-hai
By Park Jin-hai
Park Young-suk, 51, a Hanwha Life financial planner, received a call from a client asking to upgrade his insurance policy on the weekend. Unlike the old days, where she had to drop by her office to print a document, the process is as easy as taking out a tablet PC and sending the form to the client’s e-mail.
The insurance industry is fast adopting fintech, the convergence of finance and technology. Hanwha Life is one of the first movers.
“With the adoption of fintech, the workplace has become paperless,” she said. “As many as 100 sheets of paper needed for clients are gone. Now I can meet clients anytime anywhere.”
Since the company first started the electronic insurance policy subscription system in 2012 for the first time in the industry, the system has been upgraded and its application expanded.
Park says she currently handles nearly 70 percent of insurance plans electronically.
Not only is the new system more convenient, it is also safer.
When the planner takes picture of documents including personal information such as phone number and e-mail address with a tablet PC, Hanwha Life’s Smart Document codifies the image and sends it directly to the company, making the process seamless so that no crucial information gets leaked by the loss of paper.
“The speedy payment of insurance money is another big plus that my clients are most fond of. Unlike the old days when I had to manually turn in the paper to the company, what I need is to take the picture of the documents that my client prepared to claim his insurance money,” said Park. “In less than half an hour, the client can receive a message saying the payment has been completed on their smartphone.”
Thanks to the smart system, Hanwha Life says now the portion of electronic insurance policy subscriptions has jumped to 40 percent, from 15 percent last year.
The company aims to boost the rate to 50 percent by the end of this year.