Kyobo Life, a South Korean life insurance company, announced that it has been selected as an operator for the Korean government’s pilot blockchain project. The insurance firm will lay the foundation for stimulating the internet of things (IoT), BusinessKorea reported.
The pilot blockchain project is being conducted by the National Information Society Agency under the management of the Ministry of Science, ICT and Future Planning to lay a foundation for IoT promotion. The consortium comprises of Kyobo Life along with insurtech specialist D. Lemon, blockchain technology company ‘theloop’, and hospital medical record service company One.
“This is the first case where the insurance industry is fully connected with fintech and introduces a new service. If the service is commercialized in the future, we will be able to provide a better service by utilizing various fintech technologies,” Kim Wook, a senior managing director of digital innovation at Kyobo Life, stated.
The consortium will develop and implement core technology that enables an automatic payment of small amounts of insurance money to policyholders with the help of blockchain technology and simple IoT authentication technology.
The Kyobo Life Consortium will have an agreement with major hospitals in the Seoul metropolitan area as well as will conduct a pilot project targeting small amounts of insurance money under US$270. It plans to expand its services to all Kyobo Life customers across the nation in the near future.
