Mirae Asset introduces paperless insurance

Mirae Asset Life Insurance is at the forefront of digitalizing insurance services. Traditionally paper documents have been converted into electronic formats, and customers now are allowed to exchange necessary documents through their mobile devices..

Mirae Asset Life Insurance’s new office in Yeouido, western Seoul [MIRAE ASSET LIFE INSURANCE]

Mirae Asset Life Insurance is at the forefront of digitalizing insurance services. Traditionally paper documents have been converted into electronic formats, and customers now are allowed to exchange necessary documents through their mobile devices, resulting in a paperless system.

On Aug. 10, the company introduced its “Mi-choice Underwriting System,” a digital underwriting system.

Under the existing underwriting system, it took quite a while for customers to be able to receive the result of their application.

Meanwhile, the Mi-choice system enables customers to assess their eligibility for insurance before submitting an application, as their information and medical history are shared preliminarily with an insurance consultant digitally.

This will also benefit insurance consultants, as they can quickly switch to the life insurance underwriting method, expediting the assessment process and preventing delays when using the non-life insurance approach.

Last summer, Mirae Asset Life Insurance partnered with EziTechFin, the developer of the M2E (Move to Earn) service app gazaGo, to introduce insurance products embedded in the app service, a first in the industry.

The M2E service allows users to earn rewards by engaging in activities such as walking and is steadily increasing its user base by leveraging blockchain technology, virtual currencies and non-fungible tokens (NFTs).

Participants in the gazaGo app's walking challenges, recruited through a partnership with Mirae Asset Life Insurance, can receive additional insurance benefits in addition to in-app rewards.

BY KIM SU-HYEON [kim.suhyeon4@joongang.co.kr]