Hanwha General Insurance announced on the 3rd that it has developed a method and device for providing short-term car insurance that allows convenient insurance enrollment using Internet of Things (IoT)-based vehicle information and has obtained a patent for it.
[Asia Economy Reporter Oh Hyung-gil] Hanwha General Insurance announced on the 3rd that it has developed and obtained a patent for a method and device to provide short-term car insurance that allows convenient subscription using Internet of Things (IoT)-based vehicle information.
The patented model is currently applied to the "One-day (1-day) Used Car Test Drive Insurance." To test drive a used car, insurance must be purchased in advance, but the existing method caused inconvenience due to the long approval time, leading some to hesitate to test drive or drive uninsured. In response, Hanwha General Insurance developed a subscription model that allows instant insurance subscription by entering vehicle information into an application installed on a dedicated terminal, thereby reducing the time required.
Hanwha General Insurance also plans to apply a "smart contract" system in the future, which automatically subscribes to insurance by receiving vehicle entry and exit information from the vehicle monitoring device. Once the smart contract is implemented, customers will be able to purchase insurance and receive coverage only for the actual time the vehicle is operated, rather than on a daily basis, enabling more reasonable consumption.
A Hanwha General Insurance official said, "Through this patent, we have secured a favorable position for developing ultra-short-term insurance related to mobility," and added, "We will take the lead in enhancing convenience for car insurance customers in line with the accelerating digital transformation."
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