Hdac Technology signed an MOU on development of an insuretech converged platform and business collaboration with Lotte Insurance, Insurobo, TmaxData, and Hyundai BS&C.

‘Insuretech’ is a compound word which is formed of the words ‘insurance’ and ‘technology’. The term refers to the service which revolutionizes the existing insurance industry by adopting IT such as data analysis, AI, and such.

Among the insuretech technology that domestic insurance companies adopted, IoT would be the most familiar one for the insurance holders. With the adoption, user information can be collected and transferred in realtime through smart devices to offer better pricing policy.

Through this MOU, the five companies will work together to design insurance products for small enterprises, develop insuretech service, and construct ICT(AI, blockchain)-based converged platform.

In specific, Hdac Technology is planning on cooperating with Hyundai BS&C to apply blockchain and DID technology for insurance industry. Hdac Technology will actively work to improve the core technology in insurance by utilizing DID’s ‘MyData’ for the method of ‘authentification’ and blockchain’s ’smart contract’ for the method of ‘contract’.

The wave of insuretech revolution is essential in today’s untact era. In this time, Hdac Technology will devote to making the security more diverse and effective while making it even safer for the end-users of insurance.

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