SEOUL, May 26 (Korea Bizwire) — KT Corp., a major telecom firm in South Korea, said Wednesday it has joined hands with a local insurer to develop insurance coverage programs for service robots.
KT signed a partnership with DB Insurance Co. to offer insurance programs dedicated solely to artificial intelligence (AI)-powered services.
Starting next month, the telecom giant will collect data on possible robotics errors and accidents for a year under the liability coverage program offered by DB Insurance. Based on that data, the two will make insurance services for service robots.
KT hopes the latest move will expand its presence in the promising robotics sector.
The company said the global service robot market is projected to grow from US$14.6 billion in 2020 to $47.5 billion in 2025 and will be bigger than the industrial robot market, citing data from BCG Publication and other market researchers.
Last year, KT bought a 10 percent stake in Hyundai Robotics Co. to enhance its competitiveness in smart factory and robot solutions.