News Technology12 Sep 2018

South Korea:Blockchain & new tech to dazzle at Insurance Summit on IR4.0 in Seoul

| 12 Sep 2018

In an exciting development which will make South Korea a key force for blockchain technology, the network ICON has sealed a strategic partnership with major insurer Kyobo Life to develop blockchain-based services.

The partnership, entered into in June, followed Kyobo Life's selection last year to participate in a government-led pilot project to create blockchain-based automated insurance claiming services. The project formed a start for the adoption of internet of things (IoT) technology.

To keep pace with the huge happenings in blockchain in South Korea and on the global stage, Asia Insurance Review and Korea Life Insurance Association present the Insurance Summit on Industrial Revolution 4.0, an international conference to be staged on 16-17 October 2018 in Seoul.

Meanwhile, another major Korean insurer Hanwha Insurance has announced that it will offer a new type of cyber insurance product to provide compensation for damages suffered from the hacking of domestic cryptocurrency exchanges. Currently, few crypto exchanges in the country are insured and hacking damages are not covered.

Blockchain and crypto are seen as key in the fourth industrial revolution (IR4) — to capitalise on which, South Korea plans to create 24,000 jobs in the software sector by 2022.

Insurance Summit on Industrial Revolution 4.0

The Summit's theme is "Insurers Need to Step up their Game!”, recognising that insurers are operating in a brave new disrupted tech world.

Mr Lee Sangche, Senior Deputy Governor – Insurance and Financial Consumer Protection at the Financial Supervisory Service will deliver the Official Keynote Address. Conference sponsors are Kyobo Life Insurance and A.M.Best. Mr Michael Morrissey, President & CEO, International Insurance Society will deliver the International Keynote Address.

There will be panel discussions during the conference which will look at the challenges and opportunities facing the Korean insurance market in the light of tech innovation and disruptions and changing demographics as well as future directions for insurers. The topics will also cover HealthTech, the internet of things (IoT), as well as the myriad aspects of digitalisation.

Understanding the present to succeed in the future

South Korea itself is already a very advanced market in social media and technology usage and hence there is a lot to learn from them, with the Summit aiming to arm delegates with survival tips and strategies in getting ahead in IR4.

Participants, who will get deep insights into stepping up their game in social media and the disrupted world, will essentially gain from understanding the present to prepare for the future.

To register for the Summit, please visit:  http://www.asiainsurancereview.com/Events/Register/Asia/IRS2018

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