DB Insurance announced on August 28 that it had signed a "business agreement for the development and distribution of usage-based insurance (UBI) for cargo trucks" with the Korea Transportation Safety Authority at the DB Financial Center on the 27th.
This agreement aims to develop and distribute a new type of automobile insurance product by combining the Korea Transportation Safety Authority's driving record analysis technology with DB Insurance's product development expertise. The goal is to encourage safe driving habits among cargo truck drivers and reduce traffic accidents.
On the 27th, at DB Financial Center in Gangnam-gu, Seoul, Jung Jongpyo, President of DB Insurance (right), and Jung Yongsik, Chairman of the Korea Transportation Safety Authority, signed a business agreement and took a commemorative photo. DB Insurance
Under the agreement, DB Insurance and the Korea Transportation Safety Authority will cooperate in analyzing and providing drivers' driving record data, as well as in developing and operating insurance products using accident and loss data. Based on this collaboration, the two organizations plan to develop UBI insurance that offers premium discounts for safe driving, thereby encouraging cargo truck drivers to voluntarily practice safe driving.
The two organizations also agreed to conduct joint marketing and promotional activities, and to provide various additional services such as data-driven traffic safety services and the "Safe Today" campaign, in order to enhance driver convenience.
A representative from DB Insurance stated, "We will work together with the Korea Transportation Safety Authority to develop insurance products that provide tangible benefits to cargo truck drivers," adding, "We expect that fostering a culture of safe driving will help reduce traffic accidents and achieve the public value of lowering social costs."
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