System taps Korea Credit Information Services data to deliver instant underwriting results

Automatically suggests alternatives when coverage is denied, cutting repeated design work

Samsung Life headquarters [Samsung Life]
Samsung Life headquarters [Samsung Life]

Samsung Life has received a patent for a system that checks a customer's insurance eligibility before enrollment and automatically suggests alternative products when coverage is not possible. The registration brings the company's cumulative patent count to 100.

Samsung Life announced Tuesday that it has completed patent registration for an "expected underwriting result system" capable of verifying a customer's insurance eligibility in real time.

The system is designed to let customers confirm which products they qualify for before the formal underwriting review begins. When a customer consents to the use of their data, the system retrieves information from Korea Credit Information Services through an encrypted channel and cross-references it against Samsung Life's internal underwriting criteria to calculate eligibility in real time.

Under the previous process, customers could only learn whether they qualified after completing a policy design and submitting information required for underwriting, such as their medical history. If the review resulted in a denial, agents had to start over and design a different product.

To streamline that process, Samsung Life developed a system that lets agents check the expected underwriting outcome for products on sale in advance, filing the patent application in 2022.

The system also includes a feature that presents customers likely to be denied with alternative products or coverage conditions they may qualify for. This reduces the need for customers and agents to redesign a policy from the outset and helps them find eligible products more quickly.

"The core of this patent is the innovation of the underwriting process so that customers can quickly determine their eligibility and receive recommendations for the best products," a Samsung Life official said. "We will continue working to improve customer convenience at every stage, from policy design to claims payment."

Meanwhile, Samsung Life secured four exclusive-use rights in the life insurance industry in the January–July period this year, the most of any company in the sector. Exclusive-use rights, often called the "product patent" of the insurance industry, are a system that grants an insurer the exclusive right to sell an innovative new product for a set period.


rim@heraldcorp.com