MOU Signed for the Advancement of Robotics-Based Insurance and Financial Services
Hyundai Motor Company and Kia are set to develop insurance products and financial linkage models to establish a safe and reliable robotics service ecosystem.
On November 24, Hyundai Motor Company and Kia announced that they had signed a memorandum of understanding (MOU) with Hyundai Marine & Fire Insurance at the Hyundai Marine & Fire Insurance headquarters in Jongno-gu, Seoul, for the "Advancement of Robotics-Based Insurance and Financial Services." The signing ceremony was attended by Hyun Dongjin, Executive Director of the Robotics Lab at Hyundai Motor Company and Kia, and Yoon Euyeong, Executive Director of Corporate Insurance at Hyundai Marine & Fire Insurance.
This collaboration was initiated as the robotics technology-based service market continues to expand, with the aim of enhancing the safe operation system of robots by linking with insurance and financial services, and ultimately strengthening the social value and competitiveness of the robotics industry.
Through the agreement, the two parties will cooperate in areas such as: ▲ development of insurance products tailored for robots ▲ establishment of risk management systems for robot operations ▲ convergence of insurance and financial services and joint entry into new markets.
First, Hyundai Motor Company, Kia, and Hyundai Marine & Fire Insurance will jointly develop robot-specific insurance products and sign a contract for the first insurance product, "Deep Tech Comprehensive Insurance," which is scheduled to be launched within the year.
For the development of the first insurance product, both parties have been collaborating by analyzing insurance risks based on operational data from pilot projects involving delivery robots and electric vehicle charging robots operated by Hyundai Motor Company and Kia in various locations such as hotels, hospitals, and airports.
Going forward, Hyundai Motor Company and Kia plan to ensure the reliability and safety of their self-developed robots during operation and sales by linking them with insurance products. Insurance services will be available for liability and compensation in the event of incidents such as cyber risks, breaches of personal information, or network security issues.
In addition, by integrating robotics technology with the insurance industry, both parties will jointly establish systems for the safe operation of robots and risk mitigation. Furthermore, they plan to develop new insurance and financial products specifically designed for new types of robot service models, aiming to reduce the total cost of ownership for robot users.
Executive Director Hyun stated, "By establishing insurance and data-driven financial service models tailored to the robotics industry, we will lead the commercialization of robotics technology and secure investment stability."
Executive Director Yoon added, "We will do our utmost to contribute to the creation of a safer and more human-friendly robotics ecosystem in the future and to accelerate innovation in various fields."
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