In the Korean insurance industry, the move to implement “biometric authentication” is gaining momentum.
Indeed, domestic insurers are now in a rush to provide services that allow customers to buy insurance using their fingerprint or iris instead of public key certificate as an authentication method.On 24 April 2017, Dongbu Fire & Marine Insurance launched a biometric authentication service in which customers can have their identity verified with their fingerprint or iris when buying a policy on the smartphone. In the past, mobile insurance purchase involved all the hassle of entering a series of personal
information one by one.
The biometrics, however, enables users to calculate premiums, enter into an
insurance contract, view in-force policies and request the issuance of certificates on the mobile after the simple authentication process using a fingerprint or iris.
KB Insurance also adopted on the same day a fingerprint or iris-based identity verification service. This will replace public key certificate, mobile phone, credit card or one time password (OTP) with pre-registered biometric data for identity verification when customers purchase a policy offered by the company.
Another similar service being developed by Kyobo Life Insurance is about automatically paying out claims to policyholders through a simple authentication method using Blockchain and Internet of Things, even though any such requests are submitted. In addition, Samsung Fire & Marine Insurance implemented on 18 April 2017 a fingerprint-based service for the first time to allow customers to check if they are registered policyholders.
The company plans to extend the service to cover premium payment and borrowing as well.