Industry First: Non-Face-to-Face Process from Insurance Agent Registration to Subscription Possible
[Asia Economy Reporter Ki Ha-young] Hanwha Life Insurance announced on the 19th that it will introduce 'LIFE MD,' a digital sales channel based on a mobile application that allows all processes of recruiting, training, and activities of insurance agents to be conducted.
LIFE MD carries the meaning of 'Life Merchandiser.' Hanwha Life Insurance, which has been promoting digital management under the slogan 'Make New Frames' since 2020, prepared this channel to create a new paradigm in insurance sales. Kim Dong-won, Executive Director and Chief Digital Strategy Officer (CDSO) of Hanwha Life, supported the key commercialization efforts.
The main feature of this channel is that it provides opportunities to earn income through multi-jobs (N-jobs) amid the untact trend. It pursues a new type of insurance agent model where individuals can work as much as they want at their preferred time. This enables anyone, including those with a main job or career interruptions, to engage in multiple jobs.
Additionally, through LIFE MD, prosumer customers with high financial literacy can design their own insurance products and receive sales commissions. Various step-by-step training programs are also prepared to help those interested in sales activities grow, with plans to support their development into full-time agents in the future.
LIFE MD is a new model that combines all aspects of becoming an insurance agent, sales activities, and insurance sales methods with digital technology. All learning for passing the agent qualification exam is conducted remotely. After installing the dedicated app, users verify their identity via mobile authentication, register their information, check schedules, and can apply for the qualification exam at their desired location. To prepare for the exam, the LIFE MD app provides downloadable key summaries and lecture videos. Users can check their expected scores through an artificial intelligence (AI) diagnostic test and focus on weak areas through recommended lectures. The contract with the company can also be signed digitally, allowing users to start insurance agent activities with just about two weeks of time investment, utilizing commuting or weekends.
Once becoming a LIFE MD, users can support activities, manage customers, analyze coverage, and propose optimized products to customers through product recommendations, with mobile subscription also available. All functions are implemented in a cloud environment to enhance user convenience.
A Hanwha Life official stated, "LIFE MD is a new concept activity platform considering the digital prosumer form, where insurance agents directly perform their roles while also consuming." He added, "Starting as an insurance channel, we are also considering expanding the platform to handle various products in the future."
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