Hanwha Life Insurance Service has obtained a patent for technology that automatically detects discrepancies between auto insurance comparison quotes and actual premiums.
On September 9, Hanwha Life Insurance Service announced that it has secured a patent for a feature that automatically verifies the accuracy of insurance premiums during the auto insurance comparison process.
In the field of insurance sales, agents use comparison systems to simultaneously check auto insurance premiums from various companies and recommend the most favorable products to customers. However, differences in discount criteria and rates among insurers, as well as the timing of when premium calculation information is reflected in the comparison system, have sometimes led to discrepancies between quoted amounts and final premiums.
The technology developed by Hanwha Life Insurance Service compares the estimated premiums generated by the comparison system with the final calculated amounts from the insurers' networks in real-time. If the two amounts differ, the system automatically alerts the agent, allowing them to verify the discrepancy before informing the customer.
The company expects this will reduce the inconvenience of recalculating quotes or notifying customers of changes in amounts due to premium differences.
Currently, Hanwha Life Insurance Service is operating this feature in partnership with Hanwha General Insurance. Plans are in place to gradually expand partnerships with other insurance companies to enhance the accuracy of comparison quotes.
Lee Kyung-seop, head of the Personal Sales Division at Hanwha Life Insurance Service, stated, “This technology was developed to improve the accuracy of auto insurance comparison quotes and reduce customer inconvenience. We will continue to enhance related features to provide accurate and transparent insurance information.”
* This article has been translated by AI.
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