Heungkuk Life Insurance to Establish 'Real-Time Insurance Enrollment Review System' by Year-End

Insurance Underwriting That Took 2-3 Days Completed in One Day

Heungkuk Life Insurance, a financial affiliate of Taekwang Group, announced on the 28th that it plans to establish a pre-screening system by the end of this year that allows customers to know their eligibility for insurance enrollment in real time during the subscription planning stage.

The pre-screening system is a system that enables real-time verification of insurance eligibility by inputting the customer's medical history information. Since the underwriting results can be known at the subscription planning stage, the application process is simplified, allowing customers to complete insurance enrollment quickly and easily.

Heungkuk Life Insurance plans to build the system by the end of the year and fully introduce the pre-screening system across all insurance products and sales channels. In the existing post-screening method, underwriting was conducted after the initial premium payment, and there were many cases where the final enrollment was rejected. Also, the screening took 2 to 3 days. In contrast, pre-screening determines the final enrollment eligibility before premium payment, and the underwriting and enrollment procedures are completed within just one day.

Heungkuk Life Insurance will also enhance the Sales Force Automation (SFA) system that supports agents' subscription tasks. When an agent registers customer information, they can receive customized product recommendations, and premiums according to special contracts are calculated in real time. Additionally, if input errors occur during the enrollment process, they are automatically displayed in the system to prevent agents' mistakes.

Kim Sang-ik, head of the IT Development Team at Heungkuk Life Insurance, said, “Once this system is established, it will help customers make rational insurance enrollments through subscription planning tailored to their needs and premium comparisons. We will continue to provide faster and more accurate financial services to customers through ongoing digital innovation.”