Lotte Insurance announced on the 28th that it has formed a partnership with the Korea Real Estate Data Institute, which operates the real estate risk assessment platform "My Home Scan," regarding legal expense insurance related to rental fraud.
With this partnership, customers who sign up for the "legal expense support service" of My Home Scan can be covered for the expenses required for hiring a lawyer in civil suits and forced executions when rental fraud occurs. If they analyze rental properties through My Home Scan before signing the contract and join the service, Lotte Insurance's rental fraud legal expense insurance will be provided during the rental period.
Lotte Insurance's rental fraud legal expense insurance is the first and only product of its kind in the country, having obtained exclusive usage rights last year from the General Insurance Association of Korea, recognizing its originality, progressiveness, and usefulness. It is differentiated by not only covering simple litigation expenses but also supporting the actual process of recovering deposits.
Lotte Insurance and the Korea Real Estate Data Institute have joined together with the goal of preventing rental fraud, which has emerged as a social issue, and minimizing the economic damage to tenants.
This partnership is part of Lotte Insurance's ongoing commitment to "social contribution through business," which includes firefighter insurance, national merit discount on insurance premiums, and soldier insurance. The company aims to broaden the accessibility of socially responsible insurance and continuously enhance its social responsibility through this partnership.
My Home Scan from the Korea Real Estate Data Institute offers a service that analyzes whether landlords hold multiple properties, past rental contract history, and debt changes using artificial intelligence algorithms, based on analysis of property registration documents. As of the end of June, the cumulative number of safety analysis reports for rentals has reached 1.08 million.
The legal expense support service of My Home Scan includes functions to prevent rental fraud, such as notifications of changes in registrations and monthly legal consultations, supporting tenants' safe living conditions.
A Lotte Insurance official noted, "Through our partnership with My Home Scan, we can actively realize the original intent of supporting not only the prevention of rental fraud but also the actual recovery in case of damage," adding, "We will continue to concretely implement 'social contribution through business' by collaborating with various platforms in the future."