Heungkuk Fire & Marine Insurance Establishes Next-Generation New Contract Premium Pricing System

Heungkuk Fire & Marine Insurance announced on the 20th that it has established a next-generation new contract premium and reserve pricing calculation system for insurance product development.

This system is a technology that improves and shortens the process and time of insurance product development while verifying premiums and reserves. Through the establishment of the system, Heungkuk Fire & Marine Insurance enhanced accuracy and speed based on product information standardization and system automation, and improved work efficiency by providing unified product information to related departments.

Yonhap News

The key advantages of the system include ▲ server-based integrated system processing allowing product development personnel to perform tasks simultaneously in parallel ▲ automatic calculation and verification of maximum new contract expenses ▲ automation of reverse checks for sales premiums and business expenses ▲ reduction of product launch speed by 75% to 95% compared to before ▲ automatic recalculation of premiums and reserves after adjusting new contract expenses.

This project was developed over approximately six months starting from July last year in collaboration with 'Qpit,' a company providing insurance business consulting and solutions.

Lee Hwijae, head of the Long-term Product Development Team at Heungkuk Fire & Marine Insurance, emphasized, "The establishment of this system represents a structural innovation throughout the entire product development process, beyond simple work efficiency improvement. The fact that insurance product developers can manage the database with just one button is a noteworthy achievement."

Heungkuk Fire & Marine Insurance plans to further advance the pricing calculation system this year to enhance work efficiency and significantly improve customer satisfaction.