Session K1, The Rise of InsurTech In Korea

Presenters: Jun Seop Lee, FIAK

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The SOA Asia Pacific Annual Symposium

24th May 2018

The Rise of InsurTech in Korea JUN-SEOP LEE

Executive Vice President, Korea Insurance Development Institute (KIDI)

24th May 2018

The wave of InsurTech

3

What is “InsurTech”?

4

The wave of the 4th Industrial Revolution in the Insurance sector

5

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World has now entered the “InsurTech” era

6

InsurTech in Action

7

Korea is not exempt from the InsurTech boom

8

UBI program changes driving behaviors and lowers loss ratio

9

AIA Vitality, a wellness program to make you healthier

10

Blockchain for insurance : more convenient, faster claims

11

The advent of IoT-based “on demand” insurance

12

Active InsurTech investment in research area ①

13

Active InsurTech investment in research area ②

14

Active InsurTech investment in research area ③

15

Regulatory Support

16

The adoption of Test-bed

17

The strategy for FinTech innovation

18

Activation of insurance and healthcare convergence

19

Upcoming Challenges

20

7th largest insurance market in the world, 3rd highest growth

21

Rapidly aging population

22

Prolonged low interest rate

23

Innovation offers new approaches to old challenges

24

InsurTech will bring innovation across the value chain

25

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