Shinhan Life Opens Integrated IT System After 22 Months

Shinhan Life employees who participated in the development of the integrated computer system are taking a commemorative photo as they conclude their long journey. (Photo by Shinhan Life)

[Asia Economy Reporter Changhwan Lee] Shinhan Life announced that it has completed the final integration project of the IT systems of the former Shinhan Life Insurance and the former Orange Life and opened the integrated system on the 23rd.

Shinhan Life launched as a merged corporation of the two companies in July last year and initially integrated the IT systems. Since then, it has continued the final integration work of business systems and IT infrastructure systems to provide stable and better services to customers.

This project is the first IT system integration project between two companies in the life insurance industry, carried out over approximately 22 months since July 2020.

The systems across all business areas, including the core insurance business systems such as △Processing System △Sales Channel System △Customer Channel System △DW/Big Data Platform △AI Platform, were integrated.

Through this, the previously different business processing procedures and methods of the two companies were completely unified, and customer data can now be managed in a single system.

The company explained that cross-selling of excellent products previously sold through each channel of the two companies’ agents has become possible, strengthening the product lineup. They also reorganized similar product lineups and added payment periods, new funds, and new riders to some products, expanding customers’ choices when purchasing insurance.

In line with this, a mini insurance product called ‘Shinhan Smartphone Health Care Insurance M (Non-dividend)’ was launched on digital channels. It covers various diseases such as △Specific Glaucoma △Surgery for Computer Overuse Disease △Spinal Disease Surgery, which may occur due to prolonged smartphone use.

Additionally, based on the improved operational efficiency of the integrated IT system, the company will actively resume new product development, which had been suspended for some time. To mark the first anniversary of the integration in July, innovative products such as new whole life insurance and health insurance that contribute to enhancing customer value will be introduced.

To strengthen customer service, the company also launched the digital customer service platform ‘SQUARE,’ which integrates the smart counters of the two former companies, along with the opening of the integrated IT system.

SQUARE was developed focusing on customer convenience and personalized service. It embodies the meaning of a plaza where customers and services gather and serves as a ‘routine app’ that accompanies customers’ daily lives.

Sung Daekyu, CEO of Shinhan Life, said, “Integrating the customer information of two companies with over 30 years of history and creating a new integrated system for operations is a path no one has taken before. Now that Shinhan Life has completed the infrastructure to leap forward as a top-tier insurance company, we will do our best to provide differentiated services and the true value of insurance to our customers.”