MG Damage Insurance - Cube Intelligence, Development of "Customer-oriented insurance products"

(L) Richard Biggs, Cube Intelligence Representative (R) Kim Dong Joo, MG Insurance Representative

- Combining with Blockchain technology, pioneering innovative insurance market
- 'One-stop automobile aftermarket service' oriented, development of insurance business model

MG Insurance (CEO Dong-Ju Kim) announced on April 16th that they have signed an MOU with Cube Intelligence, a Blockchain specialist, to develop a 'customer-centric insurance product'.

The two companies will undertake joint research and development of a Blockchain-based insurance business model, which is free of the limitations of the existing insurance market where it was limited to UBI (Usage Based Insurance) insurance development using automobile Big Data.

The new customer benefit-centric business model will support variety of premium discounts (driving habits, distance, day of the week, etc.), IOT-based automated emergency calls, customized vehicle management alerts (regards to troubleshooting, consumables exchange). In addition, the customer-specific app will greatly enhance user convenience by providing vehicle management history support and real-time vehicle information check.

In addition, for more substantial customer benefits with the integration of Blockchain technology, Cube Intelligence provides customers with points that can be used as cash for their mileage. The points provided can be used for vehicle maintenance, consumables exchange, etc. Also, for the convenience of customers, one-stop service can be provided through partners such as maintenance centers, used car dealers and insurance companies.

MG officials stated, "We will make more diverse customer benefits by developing the insurance business model with "one-stop automotive aftermarket service" that combines Blockchain technology".

About MG Non-life Insurance Co., Ltd.
The MG Non-life Insurance Co., Ltd is a Korean insurance company with assets worth of KRW 3.4 trillion with many 30 to 40 young members as its significant members. The primary business of MG non-life insurance is the construction of non-life insurance and reinsurance contracts, asset management for insurance premiums and insurance payments. They offer a  wide range of products including insurance products such as general insurance [fire, cargo, liability, technical, comprehensive, marine, aviation], long-term insurance [health, medical care, conditional loans, and secured loans as well].


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