Hyundai Motor and Kia said on the 24th that they signed a memorandum of understanding (MOU) with Hyundai Marine & Fire Insurance for the "advancement of insurance and financial services based on Robotics."
As the market for services based on Robotics technology continues to expand, the aim is to advance a safe operating system for robots in connection with insurance and financial services.
The two sides will cooperate in areas including: ▲ development of insurance products tailored to robots ▲ establishment of a risk management framework for robot operations ▲ convergence of insurance and finance and joint entry into new markets.
First, they will jointly develop robot-specific insurance and plan to sign a contract for the first insurance product, "deep-tech comprehensive insurance," which is slated for launch within the year.
To this end, the two sides have analyzed insurance risks based on operational data from pilot projects for delivery robots and electric-vehicle charging robots that Hyundai Motor and Kia are operating in various locations such as hotels, hospitals, and airports.
Hyundai Motor and Kia plan to ensure reliability and safety by linking insurance products when operating and selling robots they develop in-house in the future. Even if incidents such as cyber risks, personal information breaches, and network security issues occur, they could use insurance services for matters such as liability and compensation.
In addition, the two sides plan to pursue the development of new insurance-finance linked products tailored to new-concept robot service models to reduce the total cost of ownership for robot users.
Hyun Dong-jin, executive director of the Robotics Lab at Hyundai Motor and Kia, said, "By establishing insurance and data-based financial service models tailored to the robot industry, we will take the lead in commercializing robot technology and, further, create an opportunity to secure investment stability."