Hanwha Life Financial Services Acquires Patent for 'Automatic Verification' of Car Insurance Premiums

*This content was translated by AI.

Hanwha Life Financial Services has obtained a patent for a function that automatically verifies the consistency of insurance premiums when comparing car insurance quotes.

In insurance sales operations, FP (financial planners) use a 'comparison quote system' to simultaneously check car insurance premiums from multiple insurers and find the most favorable premium for customers.

However, existing systems often produced discrepancies between the initially quoted estimated amount and the actual payment premium. This occurred because each insurer applied different criteria and discount rates for special clauses, and there were timing delays in reflecting premium calculation data in the system.

For example, even for vehicles equipped with advanced safety devices, the model years and vehicle types eligible for discounts vary by insurer. The patent technology developed by Hanwha Life Financial Services resolves this persistent issue.

In the past, FPs had to rely on individual experience to estimate premium discrepancies in advance or re-examine the most reasonable premium after actual calculation. With this new patented function, the operational burden at sales sites can now be reduced.

A Hanwha Life Financial official told this newspaper by phone, "This patent acquisition is the result of our company's technological innovation efforts aimed at maximizing the accuracy of car insurance comparison quotes and minimizing customer inconvenience."

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*This content was translated by AI.