Hyundai Motor Company and Kia are embarking on the development of insurance products and financial linkage models to create a safe and reliable robotics service ecosystem.

Hyundai Motor Company and Kia announced on the 24th that they have signed a 'business agreement for the advancement of robotics-based insurance and financial services' with Hyundai Marine & Fire Insurance at the latter's headquarters in Jongno-gu, Seoul.

The signing ceremony was attended by Hyun Dong-jin, Senior Vice President of Hyundai Motor Company and Kia's Robotics Lab, and Yoon Eui-young, Executive Vice President of Hyundai Marine & Fire Insurance's Corporate Insurance Division.

This collaboration has been established to enhance the safe operation system of robots by linking with insurance and financial services as the robotics technology-based service market gradually expands, and further to strengthen the social value and competitiveness of the robotics industry.

Through the agreement, both parties will cooperate in areas such as ▲ development of robot-specialized insurance products ▲ establishment of a robot operation risk management system ▲ joint entry into new markets through insurance and financial convergence.

Initially, Hyundai Motor Company, Kia, and Hyundai Marine & Fire Insurance will jointly develop robot-specialized insurance and sign a contract for the first insurance product, 'Deep Tech Comprehensive Insurance,' which is scheduled to be launched within the year.

For the development of the first insurance product, both parties have been collaborating by analyzing insurance risks based on operational data from demonstration projects of delivery robots and electric vehicle charging robots operated by Hyundai Motor Company and Kia in various locations such as hotels, hospitals, and airports.

Hyundai Motor Company and Kia plan to ensure reliability and safety through the linkage of insurance products when operating and selling their self-developed robots in the future. Additionally, insurance services can be utilized for liability or compensation in case of incidents such as cyber risks, personal information, and network security.

Alongside this, a joint system for safe operation and risk reduction of robots will be established through the convergence of robotics technology and the insurance industry.

Furthermore, both parties plan to develop new insurance and financial linkage products tailored to new concept robot service models to reduce the total cost of ownership for robot users.

Hyun Dong-jin, Senior Vice President of Hyundai Motor Company and Kia's Robotics Lab, stated, "Establishing insurance and data-based financial service models specialized in the robotics industry will lead the commercialization of robot technology and further secure investment stability."

Yoon Eui-young, Executive Vice President of Hyundai Marine & Fire Insurance's Corporate Insurance Division, said, "We will do our best to contribute to creating a safer and more human-friendly robot ecosystem in the future and to accelerate innovation in various aspects."

Popular News