NongHyup Life seeks lead in fintech
NongHyup Life Insurance mobile app ARS center
By Jhoo Dong-chan
NongHyup Life Insurance is seeking to take the lead in fintech by bolstering its mobile app service.
The move has been spearheaded by CEO Seo Ki-bong, who took office in 2017, in response to growing market demand in the fintech sector.
Seo was in charge of NH NongHyup Bank's digital strategy when he served as the lenders' deputy CEO. He also introduced a fingerprint-based authentication system to replace the complex public certification process right after he came to the post in September.
In a bid to help customers access its commercial bank affiliate's integrated banking app '”All One Bank,” the insurer established the direct service linkage to the app via its mobile app in November.
Under Seo's leadership, the life insurance firm has utilized a wide range of more advanced fintech technologies to help customers access the firm's services this year.
Customers started receiving the online NongHyup Smart Bill while the firm started operating the visible ARS service via the insurance firm's mobile app.
“The service is easier and faster. Compared to the existing ARS service center, customers can access the service they need about 40 percent faster via the Life Insurance visible ARS center,” said a NongHyup Life Insurance official.
“Customers can access various services via the app, including talking with an operator, paying their insurance premiums and entering into insurance contracts.”
The official said the firm will introduce more diversified fintech services in the second half this year.
It is developing a notice service via the nation's largest mobile chat app KakaoTalk where customers can receive necessary information about their insurance coverage.
The artificial intelligence (AI)-based chatbot is also being developed to offer a consulting and payment services for customers.
“We believe fintech will reduce the number of people who are in a blind spot from insurance services,” the official said.
“NongHyup Life Insurance will do its best to introduce various insurance products for easy access to a wider range of people across the country.”
The insurance firm relies entirely on the domestic market, but the firm's holding company NH Financial Group said it will team up with its insurance unit to make forays into China and Southeast Asia.
“To ensure business sustainability, NH Financial Group has come up with long-term plans to help NH Property and Casualty Insurance and NongHyup Life enter overseas markets where the group is already doing operations,” the financial group said earlier this year.
“We are confident the outreach will become a huge plus factor for the group's business diversification.”