Secutech's 'Bio-Authentication Electronic Signature' Launches at Hyundai Marine & Fire Insurance... "Expansion of Participating Institutions in Electronic Signature Authentication Service"

[Asia Economy Reporter Yoo Hyun-seok] Secuzen, a fintech security technology company specializing in bio-authentication electronic signature services under the ITCEN Group, announced on the 5th that Hyundai Marine & Fire Insurance has launched the 'Fingerprint Authentication Electronic Signature System.' The two companies signed a related construction contract last June.

Through this project, Hyundai Marine & Fire Insurance aims to "enhance customer convenience across all sales channels and achieve a paperless environment." With the introduction of the 'Fingerprint Authentication Electronic Signature System,' the subscription process has been drastically reduced from 10 steps to 4 steps. Insurance contracts can now be concluded solely through fingerprint authentication electronic signatures across all exclusive and non-exclusive channels.

Insurance planners working on-site have also improved productivity by significantly reducing rework procedures and errors during the printing and scanning of various types of subscription documents. As a result, the company has achieved a reduction of 13.7 million sheets of paper and a decrease in greenhouse gas emissions.

Secuzen began supplying the 'Bio-authentication Electronic Signature' system starting with Samsung Life Insurance last year, followed by Samsung Fire & Marine Insurance and Hyundai Marine & Fire Insurance. Currently, after signing a supply contract with Meritz Fire & Marine Insurance in August, the company is preparing to introduce the service, planning to actively target the new technology electronic signature market, led by the insurance sector.

A Secuzen official stated, "As the stability and convenience of bio-authentication electronic signatures have been recognized, the number of financial institutions outside the insurance industry using our services has recently increased," adding, "Building on this momentum, we are promoting the expansion of financial service institutions and aiming to launch innovative facial recognition-based services in two non-financial industry sectors in the second half of the year."

Meanwhile, the 'Bio-authentication Electronic Signature' technology supplied by Secuzen is a technology that generates and verifies electronic signatures by attaching or logically combining bio-information to electronic documents in accordance with Article 2, Clause 2 of the Electronic Signature Act.

Secuzen provides technology that encrypts and electronically signs bio-information such as fingerprints used in 'bio electronic signatures' through the Korea Financial Telecommunications & Clearings Institute (KFTC). The bio-information is processed in a distributed manner between insurance companies and the KFTC, allowing the KFTC to verify the signer's identity and check for any tampering or alteration of electronic documents in case of emergencies.