ABL Life, MetLife leading digitalization initiatives
South Korea’s life insurance companies are going digital in a full-fledged manner, with such corporations as ABL Life and MetLife leading the way.
ABL Life said on Oct. 21 that the Seoul-based outfit had embraced digitalization in offering customer services to provide better experiences.
For example, the company introduced a video call platform midway through 2017, which allows its clients to receive counseling services through mobile phones.
In April 2020, ABL Life enabled its customers to ask for the payment of insurance money and collect it online, according to the entity.
ABL Life also launched a chatbot service early this year. Based on the artificial intelligence-enabled platform, policyholders can easily check their information and make necessary requests.
Starting this August, ABL Life clients can demand insurance benefits through fax machines or mobile applications.
“We have a variety of digital channels to provide more convenient and secure services. Going forward, we will further strengthen our digital offerings,” said Hanna Choi, chief of ABL Life’s Customer Support Office.
MetLife Korea also began a dedicated underwriting system to automatically deal with subscription requests of insurance policies through document images and related information.
“ABL Life has adopted a system of automating a significant part of the underwriting procedures through machine learning. Other firms are expected to follow suit,” said an official from the Korea Life Insurance Association.
“It is a paradigm shift to digitalization. The trend will be accelerated in the near future to cover the development of insurance products, sales, and customer support.”