Life insurer strives to come up with customer-friendly offerings
TongYang Life Insurance announced on Feb. 22 that the corporation had established a pre-underwriting system to increase the convenience of end customers.
Under the new system, TongYang plans to let potential customers know whether their application will be accepted at the onboarding stage of the contract.
The provisional process has been widely used by mortgage lenders for prospective borrowers, but TongYang also opted to adopt it for customer satisfaction.
The Seoul-based insurer expects that the new measure will strengthen the efficiency of its whole underwriting procedures and beef up the competitiveness of its sales channel.
Observers point out that TongYang’s new system will help people better understand insurance products at a time when they get more and more complicated.
“The pre-underwriting system would reduce hassles from the contract consultation through underwriting to increase work efficiency,” a TongYang official said.
“We will continue to come up with customer-friendly services based on cutting-edge technology.”
The insurer rose 1.27 percent on the South Korean stock exchange on Feb. 22.
TongYang is currently headed by CEO Jou Gwo-duan.