Last week, the South Korean government selected life insurance company, Kyobo Life, to pioneer blockchain technology for the money payments of commercial insurance. This new project aims to create a foundation for promoting the Internet of Things (IoT) infrastructure in South Korea.
This government sponsored project is being conducted by the National Information Society Agency under the management of the Ministry of Science, ICT and Future Planning. This association consists of Kyobo Life, Insurtech specialist D. Lemon, blockchain tech firm theloop, and the medical record service company One.
Senior managing director of digital innovation at Kyobo Life, Kim Wook, said:
“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.”
The group will aim to both develop and implement technology