Samsung Fire & Marine Insurance Establishes '365-24 Rapid Payment' Claims Settlement System

Average Claim Processing Time Reduced to Under 10 Minutes
Easy, Paperless Claims Through 'Monimo' Integration
Accelerating Digital Innovation in Claims Payment

# Kang (53), a resident of Dongjak-gu, Seoul, recently claimed medical expenses from Samsung Fire & Marine Insurance after receiving treatment for back pain a few days earlier. Shortly after arriving at the office and taking his seat, he received a notification on his mobile phone. It was a message informing him that the insurance payment he had claimed had already been deposited into his account. Kang said, "The way insurance payouts are made has completely changed."

On April 6, Samsung Fire & Marine Insurance announced that it has established and enhanced a 365-day, 24-hour real-time compensation system, enabling the rapid payment of insurance claims like in Kang's case.

Based on the digitalization of actual expense insurance claims, the time required from claim submission to payout has been reduced to an average of less than 10 minutes, compared to the previous process that could take several hours or even several days.

For claims submitted through the Samsung Fire & Marine Insurance's digitalized actual expense insurance claim platform (Silsun24), if no further review is required, automatic assessment and rapid payout are possible. In this process, accident information input is automated, and details such as the accident description, treatment history, and medication information are linked and analyzed in real time. The assessment results are determined according to pre-set criteria. This not only significantly increases the speed of payment but also greatly reduces the possibility of errors occurring during the payment process.

In particular, since January this year, Samsung Fire & Marine Insurance has linked its integrated financial platform ‘Monimo’ with Silsun24, allowing customers to conveniently claim actual expense insurance without installing a separate app or submitting documents.

Currently, claims through Silsun24 account for about 5% of all actual expense insurance claims at Samsung Fire & Marine Insurance. However, through the ultra-fast automatic compensation system, approximately 27,000 claims per month (2.3%) are paid out immediately upon submission.

However, as the digitalization of actual expense insurance claims is still in its early stages, expanding the participation of medical institutions and EMR (Electronic Medical Record) providers is considered a key task for future activation. Currently, the linkage rate of medical institutions with Silsun24 stands at about 28%, so the usage share is still limited. However, if the participation base expands, the speed and convenience perceived by customers are expected to improve even further.

A representative from Samsung Fire & Marine Insurance stated, "The value of insurance as perceived by customers begins with 'fast compensation.' We will continue to enhance our ultra-fast automatic compensation system to provide even quicker and more convenient insurance payment services."

This content was produced with the assistance of AI translation services.