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Duck Creek Pioneers the Next Era of Cloud-Based Technology for P&C Insurers Through Microsoft Azure OpenAI Service

Duck Creek Pioneers the Next Era of Cloud-Based Technology for P&C Insurers Through Microsoft Azure OpenAI Service

Incorporating Azure OpenAI Service and using Duck Creek’s low-code platform empowers insurers to modernize responsibly BOSTON, Nov. 16, 2023 (Korea Bizwire) – Duck Creek Technologies, the intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, announces a breakthrough initiative in collaboration with Microsoft. This collaboration is poised to empower insurers [...]

Rising Premiums, Stagnant Payouts: Challenges and Profits in Disaster Damage Insurance

Rising Premiums, Stagnant Payouts: Challenges and Profits in Disaster Damage Insurance

SEOUL, Oct. 10 (Korea Bizwire) – Recent statistics show that premiums paid by customers for storm and flood damage insurance, providing protection against weather-related disasters such as typhoons, floods, and earthquakes, have seen an increase. However, the claim payout rates offered by insurers have remained static. According to data presented by the Financial Supervisory Service (FSS) [...]

Insurance Industry Faces Average Annual Natural Catastrophe Losses of $133B, A New High According to Verisk Report

Insurance Industry Faces Average Annual Natural Catastrophe Losses of $133B, A New High According to Verisk Report

BOSTON, Sept. 08 (Korea Bizwire) — The global modeled insured average annual loss from natural catastrophes is $133 billion, a new high captured in the latest analysis using Verisk’s extreme event solutions models. Not only should the insurance industry be prepared to experience total insured losses from natural catastrophes well in excess of $100 billion [...]

Consumers Across the Globe Desire Humanized Experiences when Navigating the Insurance Industry

Consumers Across the Globe Desire Humanized Experiences when Navigating the Insurance Industry

Boston / London, May 9 (Korea Bizwire) — Duck Creek Technologies, the intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, has proudly published its second annual benchmark survey, the 2023 Global Consumer Insurance Insights. The survey reveals strong demand from global consumers for humanized insurance purchasing, switching and communication [...]

Seoul City to Provide Free Insurance for Adopted Animals

Seoul City to Provide Free Insurance for Adopted Animals

SEOUL, March 22 (Korea Bizwire) — The Seoul Metropolitan Government said Tuesday it will provide a year of free animal insurance for people adopting abandoned animals. Those adopting and registering an abandoned animal through 13 agencies and institutions including the Seoul Animal Care Center will benefit from a free animal insurance policy for one year. [...]

Insurance Agents, Planners Strongly Opposed to Big Tech Insurance Sales

Insurance Agents, Planners Strongly Opposed to Big Tech Insurance Sales

SEOUL, Aug. 23 (Korea Bizwire) — Insurance agencies and planners have voiced strong opposition to big tech companies’ entry into the insurance sales business, criticizing it as an infringement of their commercial rights. The Insurance Agency Association and the Labor Union Solidarity for Insurance Planners held a joint press conference in front of the presidential [...]

Insurance Firms Compete in Children’s Insurance Market

Insurance Firms Compete in Children’s Insurance Market

SEOUL, Aug. 4 (Korea Bizwire) — Insurance companies in South Korea are increasingly competing over children’s insurance plans. About 60 percent of the children’s insurance market, currently sized at 4 trillion won (US$3.05 billion), is dominated by non-life insurer Hyundai Marine & Fire Insurance Co., industry sources said. As of May, the company has sold [...]

Gov’t to Subsidize Full Cost of Storm and Flood Insurance for Low-income Households

Gov’t to Subsidize Full Cost of Storm and Flood Insurance for Low-income Households

SEOUL, April 5 (Korea Bizwire) — The Ministry of the Interior and Safety said Monday it will subsidize the full cost of storm and flood insurance for some low-income households, thanks to a revision of the Storm and Flood Insurance Act. Storm and flood insurance refers to an insurance product that offers compensation for damages [...]