Digitalization of the Entire Insurance Enrollment and Application Process
Eliminating Paperwork for Improved Operations and Cost Savings
The bancassurance digital counter service has been introduced at Busan Bank, marking the first time a local bank has implemented such a service.
On December 26, BNK Busan Bank (President Bang Seongbin) announced the launch of the “Bancassurance Digital Counter Service,” which processes paper-based bancassurance work using electronic forms.
This service is a digital counter system that enables both individual and corporate customers to complete the entire process-from insurance consultation and product explanation to application-by filling out and signing electronic forms on a tablet monitor at the counter.
By standardizing the form system, which previously differed by insurer and product, the service significantly reduces the paperwork that used to average 140 pages per case. In addition, when the application is completed, the required customer documents are provided in real time through UMS.
Busan Bank expects that the introduction of the digital counter will greatly enhance customer convenience by reducing processing time, eliminating the burden of filling out paper documents, and preventing omissions and errors during completion.
Furthermore, by reducing paper usage and eliminating back-office work, the bank anticipates cost savings. Automated checks of required items, electronic approval, and digital audits are also expected to lower the risks of incomplete sales and compliance issues.
Kim Yongkyu, Head of the Management Strategy Group at Busan Bank, stated, “With the introduction of the Bancassurance Digital Counter, Busan Bank’s digital transformation will accelerate further,” adding, “We will continue to innovate so that customers can access financial services faster and more conveniently.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
