Hanwha Life Financial Services Secures Patent for "Automatic Verification" to Eliminate Discrepancies in Auto Insurance Premiums

Hanwha Life Financial Services announced on September 9 that it has received a patent for a feature that automatically verifies the consistency of premiums when comparing auto insurance quotes.

In the insurance sales field, agents use a "comparison quote system" that allows them to check auto insurance premiums from multiple insurers at once and present customers with the most favorable premium options. In the past, this system often resulted in discrepancies between the initially quoted premiums and the actual payment amount. This was due to each insurer having different criteria and discount rates for special offers, as well as time lags in updating premium calculation data in the system.

For example, even if a vehicle is equipped with advanced safety features, the eligibility year and vehicle type criteria for discounts differ among insurers. The previous system applied the same discount to all insurers whenever advanced safety features were recognized in the vehicle information provided by the Korea Insurance Development Institute, resulting in errors with inaccurate premium calculations.

This patented technology developed by Hanwha Life Financial Services addresses these issues. The system directly verifies the calculated quote in real time through each insurer's internal network. If there is a discrepancy in the premium, an immediate alert notifies the agent within the system, allowing them to recognize it in advance and provide the customer with an accurate, optimal premium proposal.

Currently, premiums are being validated through an agreement with Hanwha General Insurance, and this verification can also be extended to confirm premium consistency with other insurers. The company plans to gradually expand such agreements, enabling it to provide customers with more accurate information.

Lee Kyungsub, Head of Retail Sales Division at Hanwha Life Financial Services, stated, "The acquisition of this patent is the result of our technological innovation aimed at maximizing the accuracy of auto insurance comparison quotes and minimizing customer inconvenience. We will continue to enhance customer trust by providing transparent information."

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