Shinhan Bank Launches 'Bancassurance Digital Counter Service'

Shinhan Bank announced on the 19th that it has launched a bancassurance digital counter service.

The 'digital counter service' allows customers visiting branches to complete electronic forms and conduct transactions using tablet PCs provided at the counter instead of paper forms. Shinhan Bank started this service in 2016 and currently applies it to most counter services.

However, since bancassurance was introduced in 2003, the forms have varied by insurance company and product and have not been standardized, making the introduction of the 'digital counter service' more difficult compared to other products. As a result, contracts have been processed using paper forms. Shinhan Bank began a digitalization project for bancassurance operations in March this year and implemented the digital counter service for bank forms in the first phase, replacing 23 types of bank-related forms with electronic documents.

Bancassurance contracts require many related documents such as contracts, explanatory documents, and delivery materials, typically about 200 pages per case. With the first phase of the 'bancassurance digital counter service,' the bank explained that documents such as subscription proposals, application forms, and product brochures, which previously amounted to 20-30 pages per contract, can now be processed electronically.

In addition, Shinhan Bank expects effects such as preventing missing handwritten signatures, improving customer satisfaction by reducing processing time, decreasing back-office work related to paper documents, and cost savings.