Hanwha Systems Launches Next-Generation Insurance Core Solution Brand 'W1NE'

[Asia Economy Reporter Jeong Hyunjin] Hanwha Systems ICT division announced on the 28th that it will introduce the next-generation insurance core solution brand 'W1NE' to the market.

The insurance core solution W1NE provides all insurance business services in an all-in-one manner. Hanwha Systems explained that W1NE is an abbreviation of 'World No.1 Next gEneration,' meaning it is the world's number one next-generation insurance core solution.

W1NE is divided into three main areas: product development, product contract modeling, and contract/payment management. Each function is modularized like components, allowing product contract modeling tailored to the characteristics of each insurer, such as life insurance and non-life insurance, and even enabling the launch of trend products like online mini insurance. Hanwha Systems stated that through functional modularization, the average insurance new product development period, which usually takes 3 to 6 months, can be shortened to a maximum of one week.

This solution is based on MSA and modularizes standardized business services into small units, flexibly responding to customer and market demands, and is optimized for partnerships and service linkage with multiple channels in the form of 'standard APIs,' according to a Hanwha Systems official. Additionally, it supports the application of a DevOps system where agile development and operation occur simultaneously to facilitate collaboration between business organizations handling insurance tasks and IT development and operation teams.

A Hanwha Systems official said, "It is an optimized system for promoting digital transformation (DT), which is currently the top concern of insurers, and for preparing the MyData (personal credit information management service) business that can link and provide insurance, asset, and credit information scattered across various financial institutions," adding, "Through the various advantages of the insurance core solution W1NE, it is ultimately possible to reduce insurers' operating costs and increase revenue opportunities."

W1NE supports global business and expansion functions such as multilingual and multi-currency settings. When developing new-concept products like foreign currency-denominated insurance, product reflection is possible simply by registering information without system changes. Hanwha Systems is simultaneously pursuing overseas market entry and trademark registration in countries such as Japan, Vietnam, and Indonesia.

Kim Yeoncheol, CEO of Hanwha Systems, said, "Through our independently developed 'next-generation insurance core solution (W1NE),' we aim to maximize the efficient planning, design, and operation of various insurance products," adding, "We will contribute to strengthening insurers' capabilities and digital transformation with services specialized for technological changes in the insurance market and the MyData era."

Hanwha Systems is currently building the next-generation insurance core system for Hanwha Life based on the insurance core solution (W1NE), aiming for completion in the first half of next year.