Lee, Yongsu; Yim, Hyosook
A icle
T ends in Insu Tech de elopmen in Ko ea: A news media
analysis o key echnologies, playe s, and solu ions
Adminis a i e Sciences
P o ided in Coope a ion wi h:
MDPI – Mul idisciplina y Digi al Publishing Ins i u e, Basel
Sugges ed Ci a ion: Lee, Yongsu; Yim, Hyosook (2025) : T ends in Insu Tech de elopmen in Ko ea:
A news media analysis o key echnologies, playe s, and solu ions, Adminis a i e Sciences, ISSN
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Ci a ion: Lee, Y., & Yim, H. (2025).
T ends in Insu Tech De elopmen in
Ko ea: A News Media Analysis o
Key Technologies, Playe s, and
Solu ions. Adminis a i e Sciences,
15(1), 25. h ps://doi.o g/10.3390/
admsci15010025
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A icle
T ends in Insu Tech De elopmen in Ko ea: A News Media
Analysis o Key Technologies, Playe s, and Solu ions
Yongsu Lee and Hyosook Yim *
Seoul Business School, aSSIST Uni e si y, Seoul 03767, Republic o Ko ea; [email p o ec ed]
*Co espondence: [email p o ec ed]
Abs ac : This s udy aims o unde s and how Insu Tech has de eloped in Ko ea. To achie e
his, we collec ed Insu Tech- ela ed news a icles published in he Ko ean media o e he
pas eigh yea s. Using a ela edness analysis based on he TopicRank algo i hm, a ex -
mining echnique, we ex ac ed he op keywo ds associa ed wi h Insu Tech by yea . The
ex ac ed keywo ds we e analyzed and discussed in e ms o de elopmen ends: which
echnologies gained p ominence o e ime, who he key playe s we e, and wha solu ions
we e in oduced. The analysis e ealed se e al key ends in Insu Tech’s de elopmen in
Ko ea. Fi s , ega ding changes in Insu Tech echnology, blockchain and he In e ne o
Things ini ially ga ne ed signi ican a en ion, bu a i icial in elligence and big da a la e
eme ged as mo e c i ical echnologies. Second, in e ms o ma ke playe s, go e nmen
agencies and esea ch ins i u es ini ially c ea ed o ums o discussion, such as semina s
o d aw social a en ion o Insu Tech. O e ime, inno a i e s a ups en e ed he ma ke ,
gene al agencies specializing in insu ance b oke age gained p ominence in he online
ma ke place, and he en y o Big Tech pla o ms u he di e si ied he ma ke . Finally, in
e ms o Insu Tech- ela ed insu ance solu ions, ea ly a en ion was ocused on de eloping
new p oduc s. Howe e , he end g adually shi ed owa d imp o ing he accessibili y
and con enience o exis ing insu ance se ices. Addi ionally, asse managemen and
paymen se lemen se ices—linked o inancial se ices beyond adi ional insu ance—
eme ged, along wi h new concep s such as heal hca e, which eshaped he app oach o
insu ance se ices. This s udy con ibu es o unde s anding how Insu Tech has e ol ed by
iden i ying key ends in eme ging echnologies, leading ma ke playe s, and inno a ions
in he insu ance alue chain. The Ko ean case p o ides insigh s ha may help explo e
simila pa e ns in o he coun ies.
Keywo ds: Insu Tech; ex mining; Insu Tech echnology; Insu Tech ma ke playe s;
insu ance solu ions
1. In oduc ion
The insu ance indus y has been ecognized as slow-changing due o high-en y ba i-
e s and complex p oduc designs (Puschmann,2017;Yan e al.,2018). O e he pas decade
howe e , ad anced echnologies, such as a i icial in elligence, big da a, and blockchain,
ha e been in oduced, changing he insu ance indus y (G einede e al.,2020). The changes
include in oducing ad anced echnologies in insu ance acquisi ion isk managemen , in-
su ance con ac managemen , and insu ance claims, and esol ing o alle ia ing p oblems
and ine icien p ocesses sca e ed h oughou he exis ing insu ance indus y, such as
in o ma ion asymme y, mo al haza ds, and incon enience in he insu ance claim p ocess
(Cappiello,2020).
Adm. Sci. 2025,15, 25 h ps://doi.o g/10.3390/admsci15010025
Adm. Sci. 2025,15, 25 2 o 25
Insu Tech is he inno a i e use o ad anced echnologies ha imp o e he quali y
o goods and se ices h oughou he insu ance indus y’s alue chain (Gómez & Pineda,
2023). The global ma ke ela ed o Insu Tech is p oli e a ing, and social in e es is also
g owing. In 2015, he “S a up Boo camp Insu Tech”, an Insu Tech accele a o , was i s
es ablished, and in es men in Insu Tech s a ups was p omo ed. Acco ding o Bos on Con-
sul ing G oup (2022), he global in es men in Insu Tech s a ups was abou $400 million in
2012. S ill, cumula i e in es men exceeded 15 billion USD o e se en yea s un il 2018 and
g ew a an annual a e age o 64% o e en yea s un il 2021. In 2021 alone, app oxima ely
14.4 billion USD was in es ed, ep esen ing an 87% inc ease o e he p e ious yea .
Al hough he Insu Tech- ela ed ma ke is expanding apidly, esea ch on Insu Tech is
s ill in i s in ancy. Exis ing esea ch can be classi ied in o h ee main s eams: i s , s udies
on how echnologies can be applied o he insu ance indus y (C aw o d e al.,2016;Zhou
e al.,2023;Juma’h & Li,2023;Sanga i & Masha an,2024;Kim & Song,2018;Koh e al.,
2019;Bha al & Shapi o,2016;Tu in,2018;Eling e al.,2022;Spende e al.,2019;Ahmad &
Saxena,2022;Ca lin e al.,2018;G einede e al.,2020;Co is e al.,2019); second, s udies
on who he leading ma ke playe s in he Insu Tech ma ke a e (B aun & Sch eibe ,2017;
Capgemini & E ma,2017;Muelle ,2018;S e lana,2016;Sosa & Mon es,2022;Ca lin &
Lo enz,2017;Puschmann,2017;Yan e al.,2018); and hi d, s udies on how Insu Tech is
changing he insu ance indus y’s alue chain (Yao & Xu,2019;Kop i ica,2018;Eling &
Lehmann,2018;de And és-Sánchez & Gené-Albesa,2024;Zhang,2022;Maie e al.,2020;
Langenbe ge e al.,2023;Fa bmache e al.,2022;Zeie Röschmann e al.,2022;Sun e al.,
2020;Hasnaoui & Ba ka,2024). The scope o hese s udies is limi ed o indi idual opics,
and i is di icul o ind a s udy o he han one o China (Cao e al.,2020) ha explains he
o e all change end in how he Insu Tech- ela ed ma ke de elops o e ime. Rega ding
he g ow h and de elopmen o he Insu Tech ma ke , he e emains a esea ch gap on
unde s anding he dynamic low o indus ial g ow h by acking he o e all change end
o wha echnologies eme ged, which ma ke playe s led hese inno a ions, and wha
inno a ions occu ed in he insu ance alue chain.
To ill hese esea ch gaps, his s udy acks he de elopmen o Insu Tech in Ko ea, a
coun y wi h a la ge insu ance ma ke and a leading edge in digi aliza ion. Ko ea anks
se en h in he wo ld ega ding insu ance p emiums (SWISS Re,2023b). As o 2019, he
insu ance pene a ion a e pe household eached 98.2%, and he indi idual insu ance
pene a ion a e eached 95.1% (Ko ea Insu ance Resea ch Ins i u e,2019). Addi ionally,
because o he measu emen o he Insu ance Digi aliza ion Index by SWISS Re in 2023, Ko-
ea was anked i s (SWISS Re,2023a). The e o e, looking a how Insu Tech has de eloped
in Ko ea is expec ed o gi e insigh in o dynamics in o he coun ies. This s udy ocuses on
he Ko ean ma ke and seeks o answe he ollowing h ee esea ch ques ions:
Resea ch Ques ion 1 (RQ1): Wha echnologies ha e a ac ed a en ion in he de elopmen
o Insu Tech in Ko ea?
Resea ch Ques ion 2 (RQ2): Who a e he key playe s d i ing Insu Tech, and how ha e
hey changed?
Resea ch Ques ion 3 (RQ3): Wha solu ions we e explici ly de eloped using Insu Tech, and
wha alue did hey c ea e?
To answe hese h ee esea ch ques ions, his s udy adop s he same app oach as he
p e ious s udy (Cao e al.,2020), which in ol es collec ing media a icles and conduc ing
ex mining. Since social opics ecei e media a en ion and he public unde s ands he
opic well h ough he media, analyzing media a icles on Insu Tech o e ime is use ul o
g asp he dynamics o Insu Tech’s de elopmen in Ko ea (Hol & Ba kemeye ,2012). A e
collec ing a icles on Insu Tech epo ed in he Ko ean media o e he pas eigh yea s, we
ex ac ed he op ela ed wo ds by yea h ough he TopicRank algo i hm-based ela edness
Adm. Sci. 2025,15, 25 3 o 25
analysis, a ex -mining echnique. By examining he change ends in he ex ac ed wo ds,
we con i m wha echnologies ha e gained ac ion o e ime (RQ1), who ha e been he key
playe s d i ing he e olu ion o Insu Tech (RQ2), and wha solu ions ha e been de eloped
h ough Insu Tech and wha alue hey ha e c ea ed (RQ3).
Focusing on he abo e h ee esea ch ques ions, his s udy aims o show he Insu Tech
de elopmen end in he Ko ean ma ke . Al hough he p ima y analysis is o Ko ea,
he gene al implica ions o Insu Tech’s de elopmen will be discussed oge he wi h he
analysis esul s. This s udy enhances unde s anding o Insu Tech’s de elopmen in Ko-
ea and p o ides insigh s in o s a egy es ablishmen and echnology applica ion in he
insu ance indus y.
2. Li e a u e Re iew
2.1. Insu Tech: De ini ion and Resea ch Pe spec i es
The e m Insu Tech is de i ed om he combina ion o insu ance and echnology
(Ma ano & Noussia,2020). Howe e , no consis en unde s anding o legal de ini ion o
he e m has been es ablished (Ba in,2022). Xu and Zwei el (2020, p. 307) ha e de ined
Insu Tech comp ehensi ely as ollows: “Insu Tech is a phenomenon ha adi ional o
non adi ional ma ke playe s, aimed a lowe ing cos , imp o ing e iciency, o p o iding
consume s wi h mo e se ice alue, exploi in o ma ion echnology o deli e da a-d i en
o cus ome -o ien ed solu ions speci ic o he imp o emen in insu ance business including
ma ke ing and dis ibu ion, isk assessmen and unde w i ing, claims handling and alue-
added se ice p o ision, as well as inno a ion in insu ance p oduc s o se ices, digi alized
ope a ion, pa ne ships and business models”. This s udy explo es Insu Tech om h ee
aspec s acco ding o his de ini ion. In o he wo ds, we aim o unde s and he dynamic
de elopmen p ocess o Insu Tech by ocusing on which echnology is used and which
ma ke playe s p o ided which solu ions. P e ious s udies on each subjec will be i s
e iewed, and ele an keywo ds will be ex ac ed om Ko ean media a icles o
be examined
.
2.2. Insu Tech Technologies
Technologies such as blockchain, big da a, and a i icial in elligence, he In e ne o
Things, wi h cloud compu ing as he unde lying in as uc u e, can se e as key d i e s
o Insu Tech de elopmen (Financial S abili y Boa d,2017;Kha wani e al.,2023). Se e al
schola s ha e exp essed a ying expec a ions ega ding how blockchain, big da a, a i icial
in elligence, and he In e ne o Things can con ibu e o Insu Tech de elopmen while also
discussing hei limi a ions.
Fi s , ega ding blockchain echnology, i has ga ne ed signi ican a en ion, being
ecognized as one o he Top 10 eme ging echnologies by he Wo ld Economic Fo um in
2016. Blockchain can c ea e an immu able ansac ion eco d ha all pa icipan s on he
ne wo k can access by le e aging he cha ac e is ics o dis ibu ed ledge s (Fu dek e al.,
2021). C aw o d e al. (2016) discussed he po en ial impac o blockchain on Insu Tech
and a gued ha blockchain ea u es such as decen aliza ion and ampe p oo ing can
inc ease he anspa ency o he ela ionship be ween cus ome s and insu ance companies
and imp o e he isk managemen o insu ance companies.
Howe e , he di usion o blockchain- ela ed ields has no been as as as ini ially
expec ed when blockchain was in oduced (Ricci e al.,2019). In his si ua ion, s udies on he
accep abili y o blockchain in a ious ields such as supply chain managemen , accoun ing,
and ma ke ing ha e been conduc ed (Zhou e al.,2023;Juma’h & Li,2023;Sanga i &
Masha an,2024), and s udies on ac o s ha inc ease he in en ion o accep blockchain
ha e been conduc ed, pa icula ly in he inancial sec o . Kim and Song (2018) ound
ha economic e ec i eness and secu i y we e impo an o he ac i a ion o blockchain-
Adm. Sci. 2025,15, 25 4 o 25
enabled insu ance se ices. Koh e al. (2019) ound ha high a ailabili y inc eased he
likelihood o blockchain adop ion.
In addi ion o blockchain, big da a and a i icial in elligence can also be key echnolo-
gies d i ing inno a ion in he Insu Tech indus y. Big da a e e s o he s o age o da a
om di e en sou ces in la ge olumes and speed (De Mau o e al.,2016;IAIS,2017). In
he insu ance ma ke , big da a and da a analy ics a e used in a ious p ocesses, such as
p oduc o e ings, isk selec ion, claims p edic ion, and aud de ec ion— o example, o
o e cus omized p oduc s and enable au oma ed unde w i ing (IAIS,2018a).
A i icial in elligence is conce ned wi h de eloping ways o machines o mimic
human in elligence (Hull,2021). The e is a as scope o a i icial in elligence no only
in a be e p icing o isks bu also in aud p e en ion and claims handling (Bha al &
Shapi o,2016;IAIS,2018a). Tu in (2018) s a ed ha cha bo counseling would expand
using a i icial in elligence’s dis up i e echnology, which would signi ican ly change how
insu ance p oduc s a e sold. Eling e al. (2022) s udied he e ec s o a i icial in elligence on
he insu ance alue chain and isk insu abili y and ound ha bo h cos e iciency and new
e enue gene a ion could be ealized when a i icial in elligence ans o ms he insu ance
business model om one ocused on loss compensa ion o one cen e ed on loss p edic ion
and p e en ion.
Finally, we examine he ole o he In e ne o Things. The In e ne o Things is a
ne wo k o connec ed objec s and de ices equipped wi h senso s and o he echnologies
ha can send and ecei e da a o and om o he objec s and sys ems. In he con ex o
insu ance, i s main applica ions a e connec ed ca s, ad anced d i e assis ance sys ems
(ADASs), heal h moni o ing, and home moni o ing (IAIS,2018a). In ac , hese In e ne o
Things-based se ices a e al eady being applied in he insu ance indus y (Spende e al.,
2019;Ahmad & Saxena,2022).
In addi ion o discussing hese indi idual echnologies, Ca lin e al. (2018) and
G einede e al. (2020) ha e a gued ha syne gies in he insu ance indus y can be achie ed
when a i icial in elligence echnologies a e used wi h o he echnologies such as big da a
and he In e ne o Things. In o he wo ds, a i icial in elligence can be u ilized in Insu Tech
by using o coexis ing wi h o he echnologies.
In ano he pe spec i e on Insu Tech echnology, Co is e al. (2019) ound ha insu e s
spend 50–70% o hei IT budge s on ope a ional expenses a he han R&D, which makes
i di icul o hem o adap o new echnologies. Ne e heless, hey o e a cau iously
op imis ic ou look o he u u e o Insu Tech h ough a combina ion o echnologies,
explaining ha big da a, elema ics, wea ables, and he In e ne o Things ha will combine
wi h a i icial in elligence o de elop pe sonalized p oduc s o consume s and ans o m
he insu ance business.
2.3. Insu Tech Ma ke Playe s
Examining changes in Insu Tech ma ke playe s p o ides insigh in o he de elop-
men o Insu Tech. T adi ionally, licensed insu ance companies and insu ance b oke s
specializing in sales ha e played a majo ole in he insu ance indus y, bu he e olu ion
o Insu Tech has seen he eme gence o echnology-enabled s a ups ha a e dis up ing he
ma ke . S udies on he e olu ion o Insu Tech highligh i s ole in di e si ying insu ance
se ice p o ide s, bu mos ocus on Insu Tech s a ups o he adop ion o Insu Tech by
adi ional insu ance companies (S e lana,2016;Sosa & Mon es,2022;Ca lin & Lo enz,
2017;Wind,2017).
B aun and Sch eibe (2017) showed ha companies ha digi ize he insu ance indus-
y’s alue chain and sell insu ance p oduc s online a e eme ging as new ma ke playe s.
Capgemini and E ma (2017) desc ibed he Insu Tech indus y as d i en by a new wa e o
Adm. Sci. 2025,15, 25 5 o 25
s a up companies, mos o which we e less han i e yea s old wi h a ela i ely small bu
g owing consume base. Muelle (2018) included insu ance companies, b oke s, and alue
chain expe s ha compe e using ad anced echnologies and p o ide added alue wi hin
he insu ance indus y as key Insu Tech playe s.
Se e al s udies ha e poin ed ou di e ences in how adi ional insu ance companies
and Insu Tech s a ups espond o he ma ke . S e lana (2016) ound ha while adi ional
insu e s a ac cus ome s wi h p oduc s, Insu Tech s a ups emphasize he p ocess and
expe ience o acqui ing p oduc s. Insu Tech s a ups ha e led he insu ance indus y’s
inno a ion by di e en ia ing hemsel es om exis ing insu ance companies. They ha e
achie ed success by o e ing cus omized p oduc s and enhancing communica ion and
ela ionships wi h cus ome s using cu ing-edge echnology (Sosa & Mon es,2022). Due
o he success o Insu Tech s a ups, e en adi ional insu ance companies and insu ance
b oke s, which we e ini ially passi e abou digi iza ion, ha e begun o adop Insu Tech
(Ca lin & Lo enz,2017;Puschmann,2017;Yan e al.,2018). Wind (2017) s a ed ha al hough
i ook ime o adi ional insu ance companies o ini ially in eg a e new echnologies
in o hei business models, wo- hi ds o he op 25 U.S. insu e s ha e in es ed en u e
capi al in Insu Tech s a ups, while o he s ha e de eloped hei own pla o ms and digi al
ne wo ks h ough collabo a ions wi h s a ups.
Key playe s d i ing Insu Tech de elopmen include insu e s, companies om o he
indus ies, go e nmen s, and social o ganiza ions. Mos s udies on key playe s in he
Insu Tech ma ke ocus on he eme gence o Insu Tech s a ups o how adi ional insu e s
adop Insu Tech. In con as , ew s udies examine he ole o go e nmen s and social
ins i u ions. Addi ionally, limi ed esea ch add esses complex indus y con e gence, such
as companies om noninsu ance sec o s en e ing he insu ance indus y h ough Insu Tech.
2.4. Insu ance Solu ions
The in oduc ion o ad anced echnologies such as blockchain, he In e ne o Things,
big da a, and a i icial in elligence has led o he eme gence o inno a i e insu ance so-
lu ions cha ac e ized by enhanced cus omiza ion, ope a ional e iciency, and p oac i e
se ices. Acco ding o Yao and Xu (2019), hese insu ance solu ions a e eme ging in a ious
aspec s o he insu ance indus y, including p oduc inno a ion, ma ke ing, ope a ions,
cus ome educa ion, and consul ing. In addi ion, Kop i ica (2018) discussed he challenges
and oppo uni ies o adi ional insu ance companies as Insu Tech-d i en insu ance so-
lu ions eme ge. He a gued ha while companies ailing o adop Insu Tech solu ions
isk ma ke elimina ion, hose ha adap well can seize signi ican oppo uni ies. This is
because Insu Tech-based insu ance solu ions help o educe ansac ion cos s, c ea e new
ma ke s, and p o ide cus omized se ices o mo e cus ome s (Kop i ica,2018).
Eling and Lehmann (2018) ca ego ize Insu Tech- ela ed changes in insu ance solu ions
and insu e s’ esponses in h ee main ways. Fi s , new echnologies change he way
insu e s in e ac wi h cus ome s; second, new echnologies au oma e and s anda dize
business p ocesses o imp o e e ec i eness and e iciency; and hi d, new echnologies
c ea e oppo uni ies o modi y cu en p oduc s and de elop new ones. Based on hese
h ee pe spec i es, signi ican changes d i en by Insu Tech can be obse ed in h ee key
a eas: cus ome in e ac ion, business p ocesses, and p oduc de elopmen .
Fi s , signi ican changes ha e occu ed in how insu ance companies in e ac wi h
cus ome s as hey a e d i en by digi al channels and au oma ion echnologies. Acco ding
o a su ey o 130 la ge insu ance companies a ound he wo ld by he Associa ion o
Coope a i e Ope a ions Resea ch and De elopmen (ACORD), a global s anda diza ion
o ganiza ion in he insu ance indus y, he p opo ion o insu ance companies allowing
cus ome s o access insu ance companies h ough digi al means, such as websi es and apps,
Adm. Sci. 2025,15, 25 6 o 25
has doubled in 2020 compa ed o 2015 (Le ne ,2020). Cha bo s ha e also become widely
used o cus ome in e ac ions, as shown by a su ey wi h mo e han 20,000 obse a ions
epo ing ha 42% o cus ome s ag ee on in e ac ions wi h cha bo s o ecei e ad ice on
new p oduc s, bu only app oxima ely 15% o people el com o able in e ac ing wi h
cha bo s o complex se ice ques ions (Eu omoni o In e na ional Voice o he Consume ,
2024). In his con ex , imp o emen s in u ili y and ease o use a e necessa y o enhance he
accep ance o cha bo s (de And és-Sánchez & Gené-Albesa,2024).
Second, in e ms o insu ance business p ocesses, big da a and a i icial in elligence
a e being used ac oss he alue chain o inc ease e iciency and e ec i eness. In he
ma ke ing s age, cus omized p oduc s a e ecommended based on cus ome big da a
and a i icial in elligence algo i hms (Zhang,2022). In he unde w i ing s age, exis ing
sc eening esul s and medical da a a e used o p edic a cus ome ’s li e sco e (Maie e al.,
2020), and in he claims s age, exis ing medical billing da a is used o p edic high-cos
pa ien s (Langenbe ge e al.,2023) and analyze ex on bills o de ec possible aud in
ad ance (Fa bmache e al.,2022). Fo example, Lemonade, a digi al insu ance company
in he Uni ed S a es, u ilizes big da a, a i icial in elligence, and cha bo echnology o
comple e insu ance en ollmen in 90 s, au oma ically e iew claims, and pay claims wi hin
seconds (Jo,2020). In con as , less han 25% o he wo ld’s 200 la ges insu ance companies
ha e achie ed digi aliza ion o hei p ocesses, and 10% ha e ye o adequa ely u ilize
digi al echnologies in hei business p ocesses (ACORD,2022). In his si ua ion, incumben
insu e s a e likely o s eng hen hei collabo a ion wi h Insu Tech s a ups o ans o m
hei alue chain, while Insu Tech s a ups will ocus on sol ing p oblems such as claims
managemen as pa o hei B2B se ices a he han compe ing di ec ly wi h insu e s
(KPMG,2024).
Thi d, Insu Tech is d i ing inno a ion in p oduc de elopmen , esul ing in new ypes
o insu ance p oduc s and se ices. One signi ican de elopmen is he ise o on-demand
insu ance p oduc s, which allows cus ome s o cus omize he scope o co e age, ma u i y,
and addi ional se ices online (Zeie Röschmann e al.,2022). A p ominen example is
Cu a, a B i ish company o e ing usage-based au omobile insu ance, whe e p emiums a e
paid hou ly based on d i ing dis ance using In e ne o Things echnology (IAIS,2018b). In
addi ion o on-demand p oduc s, pee - o-pee insu ance solu ions le e aging blockchain
echnology a e also gaining ac ion. These solu ions inc ease eliabili y and anspa ency
in insu ance ansac ions (Sun e al.,2020;Hasnaoui & Ba ka,2024). Ano he no ewo hy
example o p oduc inno a ion is he shi om pos mo em suppo o p oac i e p e en ion
se ices. Fo example, he U.S. company Beam Bene i s p o ides a p e en i e se ice ha
manages den al habi s h ough a de ice moun ed on a oo hb ush and p o ides a se ice
ha discoun s insu ance p emiums when enewing insu ance based on den al habi sco es.
1
Since 2015, China’s PingAn Insu ance has es ablished a digi al medical pla o m, PingAn
Good Doc o , and has been conduc ing online heal hca e and elemedicine businesses (Lee
& Oh,2020).
In summa y, Insu Tech-d i en solu ions a e eshaping he insu ance indus y by
enhancing cus ome engagemen , s eamlining ope a ions, and os e ing p oduc inno a-
ion. As echnology con inues o ad ance, insu e s mus adap o hese changes o emain
compe i i e in he e ol ing ma ke landscape.
3. Resea ch Me hodology
Figu e 1p esen s an o e iew o he me hodology used in his s udy, summa izing he
key s eps om da a collec ion o keywo d ex ac ion and analysis. The p ocess begins wi h
he collec ion o Insu Tech- ela ed media a icles om he BIG KINDS da abase
2
, ollowed
by a igo ous il e ing p ocess o exclude duplica es and i ele an con en . Once he da a
Adm. Sci. 2025,15, 25 7 o 25
a e e ined, he TopicRank algo i hm is applied, which in ol es h ee key s eps: candida e
ex ac ion, wo d clus e ing, and anking. Fu he de ails on each s ep a e p o ided in he
ollowing sec ions.
Adm. Sci. 2025, 15, x FOR PEER REVIEW 7 o 26
wi h he collec ion o Insu Tech- ela ed media a icles om he BIG KINDS da abase2,
ollowed by a igo ous fil e ing p ocess o exclude duplica es and i ele an con en . Once
he da a a e efined, he TopicRank algo i hm is applied, which in ol es h ee key s eps:
candida e ex ac ion, wo d clus e ing, and anking. Fu he de ails on each s ep a e p o-
ided in he ollowing sec ions.
Figu e 1. O e iew o he esea ch me hodology o Insu Tech- ela ed media analysis.
3.1. Da a Collec ion and P epa a ion
Media a icles we e collec ed om he BIG KINDS da abase, Ko ea’s mos ex ensi e
lib a y o media esou ces ope a ed by he Ko ea P ess Founda ion. A icles om 2016 o
2023 we e collec ed wi h “Insu Tech” as he sea ch wo d. Mo phological analysis and he
big am me hod we e used o an accu a e sea ch. A icles conside ed duplica es due o
high simila i y we e excluded. Simple in o ma ional a icles such as pe sonnel p ofiles,
obi ua ies, and pho os we e also excluded.
Table 1 shows he change in he numbe o a icles ela ed o Insu Tech in oduced
in he Ko ean media om 2016 o 2023. In he Ko ean media, a icles pe aining o Insu -
Tech fi s appea ed in 2016, and he e we e only 17 a icles. In 2017, he numbe o a icles
inc eased o iple digi s. In 2019 and 2020, he numbe o a icles exceeded 1000; i has
since dec eased, bu i can be obse ed ha he media’s in e es has been main ained as i
has con inued o p oduce mo e han 500 a icles in 2022 and 2023.
Table 1. Numbe o Insu Tech- ela ed news epo s in Ko ea, 2016–2023.
Yea 2016 2017 2018 2019 2020 2021
2022
2023
To al
Numbe o a icles 17 148 546 1163 1027 700 583 511 4695
3.2. TopicRank-Based Rela edness Analysis
We used he TopicRank algo i hm o ex ac keywo ds highly ela ed o Insu Tech.
TopicRank is a “Wo d Clus e ing based app oach ha au oma ically and dynamically
gene a es an in e ac i e Tag Cloud ela ed o he use que y whe e he layou o p esen ed
keywo ds elies on a seman ic closeness me ic” (Be loche e al., 2008, p. 703).
The ollowing p ocedu e analyzes he ela edness be ween wo ds using TopicRank:
(1) Candida e Ex ac ion. Keywo d (w) candida es a e fi s selec ed om documen s e-
la ed o he sea ch wo d (K), and TopicRank (TR) is hen calcula ed, which is a ela edness
measu e be ween each keywo d and he sea ch wo d:
TR(K, w) = (d (K, w)/d (w))α (−p(w)log(p(w)))β
Figu e 1. O e iew o he esea ch me hodology o Insu Tech- ela ed media analysis.
3.1. Da a Collec ion and P epa a ion
Media a icles we e collec ed om he BIG KINDS da abase, Ko ea’s mos ex ensi e
lib a y o media esou ces ope a ed by he Ko ea P ess Founda ion. A icles om 2016 o
2023 we e collec ed wi h “Insu Tech” as he sea ch wo d. Mo phological analysis and he
big am me hod we e used o an accu a e sea ch. A icles conside ed duplica es due o
high simila i y we e excluded. Simple in o ma ional a icles such as pe sonnel p o iles,
obi ua ies, and pho os we e also excluded.
Table 1shows he change in he numbe o a icles ela ed o Insu Tech in oduced in
he Ko ean media om 2016 o 2023. In he Ko ean media, a icles pe aining o Insu Tech
i s appea ed in 2016, and he e we e only 17 a icles. In 2017, he numbe o a icles
inc eased o iple digi s. In 2019 and 2020, he numbe o a icles exceeded 1000; i has
since dec eased, bu i can be obse ed ha he media’s in e es has been main ained as i
has con inued o p oduce mo e han 500 a icles in 2022 and 2023.
Table 1. Numbe o Insu Tech- ela ed news epo s in Ko ea, 2016–2023.
Yea 2016 2017 2018 2019 2020 2021 2022 2023 To al
Numbe o a icles 17 148 546 1163 1027 700 583 511 4695
3.2. TopicRank-Based Rela edness Analysis
We used he TopicRank algo i hm o ex ac keywo ds highly ela ed o Insu Tech.
TopicRank is a “Wo d Clus e ing based app oach ha au oma ically and dynamically
gene a es an in e ac i e Tag Cloud ela ed o he use que y whe e he layou o p esen ed
keywo ds elies on a seman ic closeness me ic” (Be loche e al.,2008, p. 703).
The ollowing p ocedu e analyzes he ela edness be ween wo ds using TopicRank:
(1) Candida e Ex ac ion. Keywo d (w) candida es a e i s selec ed om documen s ela ed
o he sea ch wo d (K), and TopicRank (TR) is hen calcula ed, which is a ela edness
measu e be ween each keywo d and he sea ch wo d:
TR(K, w) = (d (K, w)/d (w))α(−p(w)log(p(w)))β
whe e d (K,w) ep esen s he numbe o documen s in which bo h “w” and “K” appea
oge he , d (w) deno es he numbe o documen s con aining he keywo d “w”, and p(w)
is he p obabili y o he keywo d “w”. The pa ame e s
α
and
β
a e weigh ing ac o s se
o
α
= 3 and
β
= 2 (Be loche e al.,2008). The i s pa o TopicRank (d (K, w)/d (w))
Adm. Sci. 2025,15, 25 8 o 25
is he a io o numbe o imes a wo d “w” appea s wi h he gi en keywo d “K” agains
he numbe o imes “w” appea s alone. The second pa o TopicRank (
−
p(w)log(p(w)))
mi iga es he o e es ima ion e ec o he i s pa , which is caused by he en opy o he
wo d “w”.
(2) Wo d Clus e . Fo ela ed keywo ds, clus e s a e o med using he Comple e Link
Clus e algo i hm. (3) Ranking. The p e iously calcula ed TopicRank is used o ank
keywo ds in he clus e , which a e anked by he a e age TopicRank o keywo ds in he
clus e (Be loche e al.,2008).
As abo e, we de i ed keywo ds om he op 25 a icles o each yea om 2016 o 2023.
Ko ean media a icles a e o en w i en by combining Ko ean and English languages. Fo
example, in he case o {A i icial in elligence, AI (in English)}, {In o ma ion echnology, ICT
(in English)}, {Business ag eemen , MOU (in English)}, {In e ne o Things, IoT (in English)},
wo wo ds wi h he same meaning appea oge he in Ko ean and English. Looking a
he a icles ha mix he Ko ean and English languages in his way, he same meaning o
English is w i en in pa en heses a e w i ing Ko ean. Thus, i he Ko ean and English
e ms ha e he same meaning, hey a e uni ied in o one, and he p oblem o o e lapping
coun s occu s.
Addi ionally, “Insu ance (in English)”, “Technology (in English)”, and “Compound
wo d” o en appea oge he in one sen ence. This explains how he e m Insu Tech was
c ea ed. Fo example, he wo d Insu Tech is desc ibed as a compound wo d o insu ance
and echnology. To p e en his p oblem, his s udy chose a me hod o adding “(E)” o he
wo ds o iginally used in English. Th ough his no a ion me hod, we aimed o dis inguish
wo wo ds ha ha e he same meaning bu a e w i en in bo h Ko ean and English.
4. Resul s and Discussion
4.1. O e iew o Insu Tech-Rela ed Keywo d Analysis and Annual T ends
Table 2shows he keywo ds in he op 25 a icles wi h a high le el o ela edness wi h
he wo d “Insu Tech” o each yea om 2016 o 2023. The highe he weigh alue o each
wo d, he g ea e he le el o ela edness wi h Insu Tech. Acco ding o he weigh by wo d,
in 2016, when he e m Insu Tech appea ed, he weigh o he keywo ds was gene ally
low, and he weigh alue inc eased signi ican ly as i con inued. As he numbe o a icles
men ioning Insu Tech in he media inc eased, he le el o ela edness be ween Insu Tech
and ela ed keywo ds also inc eased.
Looking a annual ends, echnology- ela ed keywo ds, such as “A i icial in el-
ligence”, “Big da a”, “Blockchain”, and “IoT” (sho o he In e ne o Things), we e
consis en ly included in he op 10 o e he en i e pe iod. This shows ha Insu Tech is
an inno a ion phenomenon p omo ed by echnology. Keywo ds such as “Deba e (4 h
place)”, “Insu ance Resea ch Ins i u e (6 h place)”, “Co-hos (9 h)” and “Policy suppo
(10 h)” anked in he op 10 in he keywo d ankings in 2016, indica ing when he social
in e es in Insu Tech eme ged and he mo emen o g asp i s meaning began. Since 2018,
he end o di e si ying opics ela ed o Insu Tech has been obse ed. In 2018, “Business
ag eemen ” anked 8 h, and “MOU(E)” anked 9 h. “Jik o”, one o Insu Tech s a ups, and
“Rich & Co”., Gene al Agency (GA), anked 15 h and 17 h, espec i ely. In 21s place was
KakaoPay, which is a subsidia y o Kakao, a Big Tech pla o m. Th ough hese changes, he
mo emen s o a ious ma ke playe s can be de ec ed. Addi ionally, “Insu ance p oduc s”
anked 11 h, and “Insu ance se ice” anked 20 h, indica ing ha changes in insu ance
solu ions a e s a ing o occu . As such, keywo ds can be b oadly di ided in o Insu Tech
echnology, Insu Tech ma ke playe s, and Insu Tech- ela ed insu ance solu ions, which
a e linked o esea ch ques ions RQ1, RQ2, and RQ3. The esul s o he analysis o each
esea ch ques ion a e p esen ed below.
Adm. Sci. 2025,15, 25 15 o 25
S a ing in 2018, keywo ds ela ed o discussion and esea ch did no appea . In 2018,
“Business ag eemen ” and “MOU(E)” anked 8 h and 9 h, espec i ely, and he names o
Insu Tech s a ups appea ed as keywo ds. “Jik o”, anked 15 h, and “d.Lemon”, anked
23 d, a e ep esen a i e s a ups in he ea ly days o he indus y, illus a ing ha new
playe s in he insu ance indus y had appea ed and began o ming Insu Tech ecosys em by
collabo a ing wi h exis ing insu ance companies (Kim & Kim,2019). Since hen, “Bomap”,
anked 7 h in 2019, 1s in 2020, and 7 h in 2021, has led he s a up boom. “S a up” anked
9 h in 2019, 3 d in 2021, and 1s in 2022 and 2023, showing a s eady ise in anking. The
s a up igo was p ima ily a ibu able o he help o he inancial egula o y sandbox
sys em implemen ed by he Ko ean go e nmen in Ap il 2019. This sys em allows s a ups
o de elop p ohibi ed se ices excep o inancial companies and es hem di ec ly in he
ma ke , ecei e essen ial wo k om inancial companies o es hem, o , con e sely, en us
se ices de eloped by s a ups o inancial companies (Fin ech Cen e Ko ea,2024). On
a e age, s a ups selec ed o he inancial egula o y sandbox aised mo e han wice he
amoun o in es men compa ed o be o e (Koo & Choi,2020).
A playe o no e is GA, which specializes in insu ance b oke age se ices. In 2018,
GA- ela ed wo ds appea ed o he i s ime as keywo ds ela ed o Insu Tech. Rich and
Co., a ep esen a i e GA, was anked 17 h in 2018, pa ly in esponse o Rich and Co.’s
elease o an insu ance app called “Good ich” and p omo ing i h ough he media a he
ime. Since GA en e ed he Insu Tech ma ke , “GA” anked 10 h o he keywo ds in 2021
and sligh ly lowe ed o 15 h in 2022, bu i ose o 4 h in 2023. This is because GA, which
has al eady played a ole in ace- o- ace sales, allows cus ome s o compa e he p oduc s
o a ious insu ance companies di ec ly on he app in esponse o changes o he digi al
en i onmen . “Good ich” anked 2nd, and “Rich and Co.” anked 3 d in 2023, e lec ing
Rich and Co.’s eplacing i s name wi h i s se ice name “Good ich” in July 2023.
Insu ance-speci ic s a ups, gene al agencies and o he playe s pa icipa ed in In-
su Tech, di e si ying he ecosys em. KakaoPay, a subsidia y o Kakao, Ko ea’s leading Big
Tech pla o m, acqui ed an insu ance b oke age company in 2019 and launched a nonli e
insu ance company in 2022. “KakaoPay” which anked 21s in 2018 and 2019 and ose o
19 h in 2020 and 15 h in 2021. Na e , ano he leading Big Tech pla o m company, es ab-
lished an insu ance b oke age company in 2020, anked 14 h in 2022. In Augus 2020, he
MyDa a sys em was in oduced due o he e ision o h ee da a- ela ed laws
4
, and business
ope a o s licensed o he MyDa a business could p o ide a ious se ices by in eg a ing
inancial in o ma ion sca e ed ac oss a ious inancial companies wi h he cus ome ’s con-
sen . Acco dingly, Kakao and Na e p o ided se ices o in eg a ed inqui ies o inancial
in o ma ion, including insu ance and se ices o compa ing and ecommending inancial
p oduc s on hei espec i e pla o ms. Howe e , wi h he Financial Consume P o ec ion
Ac in e ec in 2021, MyDa a ope a o s we e p ohibi ed om compa ing/ ecommending
insu ance p oduc s, limi ing hei mone iza ion. As his became a social con o e sy, in-
su ance p oduc compa ison/ ecommenda ion se ices we e allowed again s a ing in
Janua y 2024 h ough he inancial egula o y sandbox sys em, illus a ing he blu ing
o indus y bounda ies. Acco ding o a consume su ey on MyDa a accep ance, 77.7%
o hose willing o use MyDa a se ices exp essed a p e e ence o se ices p o ided by
non inancial companies, such as pla o m companies (VISA Ko ea,2021).
The analysis esul s o RQ2 show ha imely go e nmen in ol emen and di e si i-
ca ion o ma ke playe s can play a majo ole in he p ocess o pionee ing new ields and
o ming ma ke s, such as he de elopmen o Insu Tech. Policy ins i u ions and esea ch
ins i u es unde he Ko ean go e nmen p epa ed a place o social discussions in he ea ly
s ages o he in oduc ion o Insu Tech. Addi ionally, he sys em was eo ganized o newly
es ablished o imp o e he igh s and in e es s o inancial consume s. The Ko ean legal
Adm. Sci. 2025,15, 25 16 o 25
sys em ela ed o inancial companies was in a silo s a e, wi h laws enac ed by inancial
a eas such as banking, insu ance, and inancial in es men . The Ko ean go e nmen newly
in oduced he inancial egula o y sandbox sys em and he MyDa a sys em o b eak down
he bounda ies be ween inancial egions and help s a ups and pla o m companies launch
inancial se ices.
The Ko ean go e nmen con ibu ed o he ea ly de elopmen o he ma ke by c ea -
ing a o um o discussion on Insu Tech. The ole o he Ko ean go e nmen was o d aw
social a en ion o Insu Tech, which lacked social ecogni ion. In addi ion, he go e nmen
and socially au ho i a i e o ganiza ions conduc ed ela ed esea ch and sough policy
suppo . These ac i i ies can con ibu e o he social accep ance o Insu Tech by educing
unce ain y abou new echnological inno a ions such as Insu Tech and enhancing social
us (Sieg is ,2000).
The go e nmen also con ibu ed o he di e si ica ion o Insu Tech ma ke playe s by
imp o ing ela ed ins i u ional sys ems. Looking a he de elopmen o Insu Tech in Ko ea,
he end o di e si ica ion o ma ke playe s can be seen. In he ea ly s ages, inno a i e
s a ups based on Insu Tech eme ged, and la e , gene al agencies specializing in insu ance
b oke age began o eme ge, mainly in he online ma ke place. In he Ko ean Insu Tech
ma ke in pa icula , Big Tech pla o m companies such as Kakao and Na e , which we e
no insu ance companies, en e ed he insu ance indus y, showing he con e gence o
indus ies. This di e si ica ion o ma ke playe s and he de elopmen o he indus y was
made possible by he go e nmen ’s edesign o sys ems such as he inancial egula o y
sandbox and he MyDa a sys em.
As he numbe o consume s, in es o s, and companies ha use he echnology
inc eases, he ela ed ma ke expands and he echnology sp eads as e (Wüs enhagen
e al.,2007), and he Ko ean Insu Tech ma ke is showing his end. In Ko ea, di ec
in es men by insu ance companies in Insu Tech s a ups has inc eased om 10.7 billion
KRW in 2018 o 265.8 billion KRW in 2022 (The Insu ance Times,2024), and i was ound
ha 53% o insu ance companies a e p omo ing digi al ans o ma ion in coope a ion wi h
Insu Tech s a ups and Big Tech companies in 2023 (Hwang & Son,2023). Such igu es
sugges ha he indus y ecosys em is g adually being es ablished, and he ele an ma ke
is de eloping as new playe s a e en e ing he Insu Tech ma ke .
4.4. Changes in Insu ance Solu ions
RQ3 seeks o iden i y wha solu ions ha e been de eloped and wha alue hey ha e
c ea ed. This is he esul o he keywo d analysis in Table 5, which looks a changes in social
pe cep ions o Insu Tech and a emp s o explain changes in Insu Tech solu ions unde
hese ends o changing pe cep ions. In 2017, “Tech(E)” and “In o ma ion Technology”
anked 13 h and 15 h, espec i ely, bu in 2020, “In o ma ion Technology” ell o 21s ,
and “New Technology” anked 24 h in 2021 and 2023, showing a end o g adually
dec easing he anking o keywo ds ha exp ess echnology i sel . Con e sely “Digi al
Inno a ion” anked 13 h in 2020, “Di e en ia ion” anked 13 h in 2021 and 5 h in 2022, and
“Cus ome Expe ience” anked 8 h in 2022, indica ing ha keywo ds ela ed o cus ome
alue c ea ion we e ecei ing inc easing a en ion. In o he wo ds, he pe cep ion o
Insu Tech has changed in he di ec ion o wha solu ions and cus ome alue ha e been
c ea ed by using echnology a he han he echnology i sel . This shi can be linked o
he accele a ed digi al ans o ma ion o he insu ance indus y ollowing he COVID-19
pandemic ha began in 2020 (Voloso ych e al.,2021;Pauch & Be a,2022).
Adm. Sci. 2025,15, 25 17 o 25
Table 5. Changes in keywo ds ela ed o RQ3 in Ko ea, 2016–2023.
Yea 2016 2017 2018 2019 2020 2021 2022 2023
Keywo d
(Ranking)
In o ma ion
echnology (19 h)
New echnology
(20 h)
Heal hca e (23 d)
Heal h
managemen
insu ance p oduc
(12 h)
Tech (E) (13 h)
In o ma ion
echnology (15 h)
Heal hca e (17 h)
Technology (E)
(19 h)
Insu ance p oduc
(11 h)
Technology (E)
(16 h)
Insu ance se ice
(20 h)
ICT (E) (13 h)
Insu ance p oduc
(14 h)
Insu ance se ice
(17 h)
Heal hca e (22nd)
Con enience
(24 h)
Heal hca e (7 h)
Insu ance se ice
(8 h)
Insu ance claim
(12 h)
Digi al inno a ion
(13 h)
Insu ance p oduc
(17 h)
In o ma ion
echnology (21s )
Di e en ia ion
(13 h)
Insu ance claim
(14 h)
New echnology
(24 h)
Di e en ia ion
(5 h)
Cus ome
expe ience (8 h)
Asse
managemen
(12 h)
Paymen
se lemen (13 h)
Accessibili y (16 h)
Heal hca e (17 h)
New echnology
(24 h)
Adm. Sci. 2025,15, 25 18 o 25
Unde his end o changes in social pe cep ion, solu ions applying Insu Tech i s
appea ed in insu ance p oduc s and g adually changed owa d se ices. “Heal h man-
agemen insu ance p oduc ” anked 12 h in 2017, and “Insu ance p oduc ” ell o 11 h in
2018, 14 h in 2019, and 17 h in 2020. In con as , “Insu ance se ice” ose o 20 h place in
2018, 17 h in 2019, and 8 h in 2020. This shows ha Insu Tech de eloped in he di ec ion o
inc easing he con enience and accessibili y o insu ance se ices by g adually using ech-
nology, al hough he ocus was on de eloping new p oduc s in he ea ly days o Insu Tech.
This is suppo ed by he ac ha “Con enience” anked 24 h in 2019, and “Accessibili y”
anked 16 h in 2022. Addi ionally, since 2020, insu ance se ices ha e been di e en ia ed
in o speci ic se ice ypes, and his is appea ing as a keywo d. Insu ance claims, a ep esen-
a i e insu ance se ice ha cus ome s ha e el a lo o incon enience, anked 12 h in 2020
and 14 h in 2021. In ac , in Ko ea, a numbe o s a ups and insu ance companies ha e
launched easy claim se ices. Acco ding o he esul s o he 2022 Insu ance Consume
Beha io Su ey, 56.1% o hose su eyed used an app o webpage o ile a claim (Ko ea
Insu ance Resea ch Ins i u e,2022).
In 2022, “Asse managemen ” anked 12 h, and “Paymen se lemen ” anked 13 h.
Asse managemen is an a ea whe e banks and secu i ies ha e s eng hs. Howe e , wi h he
implemen a ion o he MyDa a sys em, insu ance companies a e also s eng hening hei
asse managemen se ices, as hey can collec i ely inqui e abou inancial in o ma ion
held by cus ome s in o he inancial a eas wi h cus ome s’ consen . This means ha he
se ices o insu ance companies, which ha e adi ionally ocused on selling insu ance
p oduc s, a e di e si ying. Addi ionally, “Paymen se lemen ” is a se ice insu ance
company con inuously demanding he Ko ean go e nmen ’s app o al. In Ko ea, paymen
se lemen se ices ha e no ye been app o ed o insu ance companies and c edi ca d
companies due o opposi ion om banks and secu i ies companies. S ill, he go e nmen
has a plan o expand paymen se lemen se ices, and social discussions con inue (Ko ea
Insu ance Resea ch Ins i u e,2023). As such, he se ice concen a ed in a speci ic inancial
a ea is expanding o o he inancial a eas sys ema ically and echnologically, compe i ion
is expec ed o inc ease, and, as a esul , cus ome s will ecei e be e se ices. In he
case o MyDa a se ices, Kim e al. (2022) ound ha when cus ome s a e sa is ied wi h
MyDa a se ices, hei in en ion o con inue using he inancial company p o iding he
se ice inc eases.
Wi h he in oduc ion o Insu Tech, a low o insu ance companies ying o expand
hei business om economic suppo o ea men o heal hca e ha main ains a heal hy
li e a all imes is also cap u ed. The ac ha “Heal hca e” anked 23 d in 2016 and 17 h in
2017 means ha his possibili y is a ac ing a en ion. In pa icula , in 2020, when COVID-
19 b oke ou , “Heal hca e” ose e ically o 7 h place as in e es in heal h inc eased.
Howe e , in 2023, he anking ell o 17 h, p esumably due o he absence o medical
in o ma ion in he da a ange o he MyDa a sys em implemen ed in Augus 2020 (Yang,
2022). Since medical in o ma ion is scheduled o be included in he MyDa a ange in 2025,
insu ance companies’ heal hca e se ices a e expec ed o g adually become ac i e (Pe sonal
In o ma ion P o ec ion Commission,2024).
The analysis esul s o RQ3 indica e ha imp o ing and expanding insu ance se ices
di ec ly a ec he u ili y o all cus ome s be o e he de elopmen o new p oduc s in a
si ua ion whe e he insu ance indus y is sa u a ed. Wi h new echnologies, d i e habi s,
heal h p omo ion, and P2P insu ance ha e all been de eloped. These p oduc s we e
added as a special ag eemen o exis ing insu ance p oduc s o in oduced h ough a
new pu chase me hod called join pu chase. Howe e , inc easing he u ili y o he en i e
indus y is limi ed o some insu ance p oduc a eas.
Adm. Sci. 2025,15, 25 19 o 25
Many Insu Tech ha e ocused on add essing incon enien se ices commonly expe-
ienced by cus ome s, wi h insu ance claims being a p ime example. Acco ding o he
2022 Insu ance Consume Beha io Su ey conduc ed by Ko ea Insu ance Resea ch In-
s i u e, 74.2% o esponden s ci ed con enience and speed as he mos impo an ac o s
in he insu ance claim and paymen p ocess (Ko ea Insu ance Resea ch Ins i u e,2022).
In esponse o such needs insu ance companies a e shi ing hei ole om he limi ed
ole o de eloping and selling insu ance p oduc s and expanding hei se ices o asse
managemen and heal hca e cen e ed on cus ome da a, ans o ming hemsel es in o
comp ehensi e se ice companies along he cus ome ’s li ecycle.
This shi has wo impo an implica ions o sa u a ed insu ance ma ke s like Ko ea,
whe e he insu ance pene a ion a e is in he high 90s. Fi s , insu e s need o ocus no
only on supplying new p oduc s bu also on enhancing he o e all cus ome expe ience.
Insu Tech echnologies can play a c ucial ole in making insu ance mo e accessible o
cus ome s and signi ican ly educing cus ome us a ion du ing key p ocesses, such as
unde w i ing and claims. Nega i e expe iences wi h insu ance can e ode cus ome us
in bo h insu e s and hei p oduc s (Guiso,2012). On he o he hand, cus ome s who a e
sa is ied wi h he p ocess o using insu ance, such as iling a claim, a e mo e likely o us
insu ance companies and insu ance p oduc s (Sung e al.,2023) and a e mo e likely o
ecommend and epu chase.
Second, i is impo an o insu e s o espond o shi ing demog aphic ends, pa icu-
la ly he aging popula ion. As Ko ea’s popula ion con inues o age, insu e s a e inc easingly
expec ed o mee he g owing needs o he elde ly, who ace ising heal h conce ns and
he need o s able e i emen income. By 2025, mo e han 20% o Ko ea’s popula ion is
p ojec ed o be aged 65 o olde (S a is ics Ko ea,2024). This demog aphic shi explains he
ising p ominence o keywo ds such as “Heal hca e” and “Asse managemen ” keywo ds.
By u ilizing heal h and medical da a, insu e s can o e pe sonalized p oduc s ailo ed
o cus ome ’s speci ic heal h condi ions, p o ide a ge ed heal h p omo ion con en , and
expand weal h managemen se ices by sha ing da a wi h o he inancial ins i u ions.
5. Conclusions
5.1. Summa y o Findings on Resea ch Ques ions
This s udy collec ed media a icles ela ed o Insu Tech om 2016 o 2023 in Ko ea and
analyzed ela edness based on he TopicRank algo i hm o unde s and he de elopmen
ends o Insu Tech. The analysis esul s e ealed he op 25 keywo ds in he Insu Tech
indus y by yea , illus a ing how Insu Tech eme ged in Ko ea and i s majo de elopmen
ends. Each o he h ee esea ch ques ions (RQ1, RQ2, and RQ3) was analyzed, and he
esul s a e summa ized below.
RQ1 ocuses on which echnologies gained ac ion in he de elopmen o Insu Tech
in Ko ea. An analysis o Insu Tech- ela ed echnologies in he Ko ea ma ke shows ha
blockchain and he In e ne o Things ini ially a ac ed a en ion, bu a i icial in elligence
and big da a ha e become mo e p ominen echnologies o e ime. Al hough blockchain
and he In e ne o Things echnologies we e ini ially expec ed o d i e signi ican changes
in he insu ance indus y, in e es in hese echnologies waned due o delays in de eloping
p ac ical business cases o he eme gence o al e na i e me hods. In con as , a i icial
in elligence and big da a ha e eme ged as he mos no able echnologies because hey
help add ess key challenges, such as p oduc cus omiza ion, educing sc eening ime, and
de ec ing insu ance aud by le e aging bo h s uc u ed and uns uc u ed da a. Thus, om
a echnological pe spec i e, he key ac o in he de elopmen o Insu Tech is how well a
echnology can con ibu e o sol ing p oblems wi hin he insu ance alue chain and c ea e
added alue.
Adm. Sci. 2025,15, 25 20 o 25
RQ2 add esses he key playe s d i ing Insu Tech in Ko ea. Rega ding he changing
landscape o ma ke playe s du ing Insu Tech’s de elopmen , go e nmen agencies and
esea ch ins i u es played a signi ican ole in he ea ly s ages by d awing public a en ion
o Insu Tech and acili a ing discussions. Subsequen ly, inno a i e s a ups specializing
in Insu Tech eme ged, while gene al agencies ocusing on insu ance b oke age gained
p ominence in online ma ke places. This illus a es he di e si ica ion o s akeholde s in
he Insu Tech ma ke . A unique ea u e o Ko ea’s Insu Tech de elopmen is he expansion
o he ecosys em d i en by leading Big Tech pla o m companies, such as Kakao and Na e ,
which en e ed he insu ance indus y. The con e gence o he insu ance indus y wi h
o he sec o s was signi ican ly in luenced by go e nmen in e en ion, pa icula ly h ough
ins i u ional design. Fo ins ance, he inancial egula o y sandbox sys em in oduced by
he Ko ean go e nmen p o ided a ounda ion o he c ea ion o a ious s a ups o e ing
insu ance se ices. Addi ionally, he MyDa a sys em, which allows companies o sha e cus-
ome s’ pe sonal in o ma ion wi h hei consen , has encou aged ma ke playe s o expand
hei business a eas. To achie e social accep ance o new echnologies, i appea s c ucial
o go e nmen in ol emen o be imely, ensu ing social us , while he di e si ica ion o
ma ke playe s should be based on a well-designed ins i u ional amewo k.
RQ3 examines wha insu ance solu ions ha e been de eloped using Insu Tech ech-
nologies and he alue hey ha e c ea ed. Analysis o he changes in insu ance solu ions
shows ha new Insu Tech- ela ed p oduc s ini ially ecei ed signi ican a en ion, bu o e
ime, he ocus has shi ed owa d inc easing he accessibili y and con enience o exis ing
insu ance se ices. Recen ly, asse managemen and paymen se lemen se ices, which
a e linked o inancial se ices beyond adi ional insu ance, ha e shown high ele ance o
Insu Tech. Mo eo e , new concep s, such as heal hca e se ices, ha e eme ged, undamen-
ally ans o ming he ole o insu ance. T adi ionally, he p ima y pu pose o insu ance
was o co e ea men cos s when cus ome s became ill o we e in ol ed in acciden s.
Howe e , wi h he de elopmen o Insu Tech, insu e s ha e expanded hei o e ings o
include heal hca e se ices ha p omo e heal hie li es yles. In his way, Insu Tech se es
as a key d i ing o ce o imp o ing he se ice expe ience o insu ance cus ome s and
expanding in o new se ice a eas beyond adi ional insu ance p oduc s.
5.2. Implica ions
5.2.1. Theo e ical Implica ions
F om a heo e ical pe spec i e, his s udy examines he de elopmen o Insu Tech in
Ko ea by ocusing on changes in echnologies, key ma ke playe s, and he eme gence o
new insu ance solu ions. This s udy highligh s complex and dynamic si ua ions in he
de elopmen o Insu Tech ha p e ious esea ch has no ully explained. In pa icula , he
analysis o changes in key ma ke playe s e eals ha he go e nmen played a c ucial
ole in Ko ea by leading social discussions and p o iding ins i u ional suppo du ing
he ea ly s ages o Insu Tech. Addi ionally, gene al agencies ac i ely pa icipa ed in
online ma ke places, and pla o m companies, p e iously unin ol ed in he insu ance
indus y, eme ged as signi ican ma ke playe s. While ea lie s udies ha e desc ibed he
di e si ica ion o ma ke playe s in Insu Tech, hey p ima ily ocused on how Insu Tech
s a ups and adi ional insu ance companies u ilized echnology. In con as , his s udy
con ibu es o he unde s anding o he Insu Tech ecosys em by showing how majo ma ke
playe s e ol ed, pa icula ly emphasizing he ole o he go e nmen and he en y o
playe s om o he indus ies.
This s udy also con ibu es o he de elopmen o ela ed esea ch in e ms o esea ch
me hods. By collec ing and analyzing he comple e se o media a icles spanning eigh
yea s om he ea ly days o Insu Tech, his s udy minimized he isk o bias ha can
Adm. Sci. 2025,15, 25 21 o 25
a ise om analyzing a limi ed sample. Mo eo e , by adop ing a scien i ic app oach o
ex analysis, he s udy sough o educe esea che subjec i i y, which is o en inhe en in
quali a i e da a analysis. Media a icles we e pa icula ly use ul o iden i ying ends and
key u ning poin s, as hey e lec he le el o social in e es in speci ic opics and cap u e
changes in a en ion o e ime.
5.2.2. P ac ical Implica ions
The indings o his s udy ha e impo an implica ions o insu ance p ac i ione s.
The mos signi ican p ac ical implica ion is he impo ance o selec ing app op ia e ech-
nologies. In Ko ea, while blockchain and he In e ne o Things echnologies ini ially
gained p ominence in he Insu Tech landscape, hey we e unde u ilized in sol ing eal
business p oblems and c ea ing added alue. This sugges s ha when adop ing Insu Tech
echnologies, companies should p io i ize hei po en ial o add ess eal-wo ld issues and
enhance cus ome u ili y a he han me ely adop endy echnologies.
5.2.3. Policy Implica ions
F om a policy pe spec i e, his s udy unde sco es he impo ance o ins i u ional
suppo in os e ing he de elopmen o Insu Tech. The Ko ean go e nmen played a
pi o al ole by implemen ing ins i u ional imp o emen s such as he inancial egula o y
sandbox and he MyDa a sys em, which helped o e i alize he Insu Tech ma ke . Based
on he Ko ean expe ience, imely and lexible ins i u ional e o ms a e essen ial o p omo e
he g ow h o Insu Tech in o he coun ies.
5.3. Limi a ions o he S udy and Fu u e Resea ch Di ec ions
This s udy has con ibu ed o he unde s anding o he complex ecosys em o In-
su Tech by analyzing changes om h ee pe spec i es— echnologies, ma ke playe s,
and insu ance solu ions— he eby p o iding insigh s in o he dynamic de elopmen o
Insu Tech. Howe e , as his s udy ocuses on he Ko ean ma ke , u u e compa a i e
s udies in ol ing coun ies wi h di e en socio-economic and egula o y en i onmen s
would o e a mo e comp ehensi e unde s anding o Insu Tech.
Globally, Insu Tech is s ill in a g ow h phase, wi h new inno a ions con inuously
eshaping he insu ance landscape. This s udy highligh s ha Insu Tech is no me ely a
echnological ad ancemen bu also a means o sol e eal-wo ld p oblems and c ea e alue
ac oss he insu ance alue chain. Fu he esea ch should explo e mo e abou how hese
inno a ions a e changing he insu ance business model.
Au ho Con ibu ions: Concep ualiza ion, H.Y.; Da a cu a ion, Y.L.; Fo mal analysis, Y.L.; In es iga-
ion, Y.L. and H.Y.; Me hodology, Y.L. and H.Y.; Supe ision, H.Y.; W i ing—o iginal d a , Y.L. and
H.Y.; W i ing— e iew and edi ing, Y.L. and H.Y. All au ho s ha e ead and ag eed o he published
e sion o he manusc ip .
Funding: This pape is w i en wi h suppo o esea ch unding om aSSIST Uni e si y.
Ins i u ional Re iew Boa d S a emen : No applicable.
In o med Consen S a emen : No applicable.
Da a A ailabili y S a emen : The da a p esen ed in his s udy a e a ailable upon eques om
he au ho s.
Con lic s o In e es : The au ho s decla e no con lic s o in e es .
Adm. Sci. 2025,15, 25 22 o 25
No es
1h ps://www.beambene i s.com (accessed on 13 Sep embe 2024).
2h ps://www.bigkinds.o .k (accessed on 13 Sep embe 2024).
3
As desc ibed abo e, his is consis en wi h he esul s o a su ey o insu ance company CEOs in June 2023 (Hwang & Son,
2023). Se en y pe cen o insu ance companies ha e de eloped new p oduc s, se ices, o business models using new digi al
echnologies, and 20% o insu ance companies ha e de elopmen plans wi hin he nex i e yea s. In pa icula , he use o
a i icial in elligence and big da a has inc eased since 2020, whe eas he use o he IoT and blockchain has been ela i ely low.
4
Pe sonal In o ma ion P o ec ion Ac , Ac On P omo ion O In o ma ion And Communica ions Ne wo k U iliza ion And
In o ma ion P o ec ion, C edi In o ma ion Use And P o ec ion Ac .
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