Joint development of products using KT's nationwide small-scale Internet of Things network including LTE-M

KT and Hyundai Marine & Fire Insurance announced on the 27th that they signed an 'MOU for joint development of IoT-based insurance convergence products' at the KT Gwanghwamun Building East in Seoul.

At the signing ceremony held on this day, key officials from both companies, including Kim Hyung-wook, head of KT’s Platform Business Planning Division, and Cho Yong-il, head of Hyundai Marine & Fire Insurance’s Corporate Insurance Division, attended and pledged mutual cooperation for the development of various products based on the Internet of Small Things, including NB-IoT. KT plans to support the Internet of Small Things technology and service platform, while Hyundai Marine & Fire Insurance plans to play a role in developing and activating various sales channels.

Through this MOU, the two companies will ▲ jointly develop and launch various convergence products based on NB-IoT and LTE-M ▲ expand the IoT market through joint marketing targeting existing customers of both companies ▲ discover various online and offline distribution channels to expand jointly developed products ▲ jointly develop IoT-specific devices ▲ develop targeted products using big data infrastructure, etc.

First, the two companies are preparing to launch a convergence product related to child protection using NB-IoT-based trackers. Afterwards, it will expand to various convergence products such as IoT black box, health, and travel utilizing the Internet of Small Things including LTE-M.

In addition to collaboration to develop customized devices tailored to the needs of insurance customers, the two companies also plan to develop customized products for specific customers or insurance premium discounts through big data analysis of the service usage status of both companies' customers in the long term.

Kim Hyung-wook, head of KT’s Platform Business Planning Office, said, “The convergence of IoT and insurance is a new attempt that goes beyond the existing IoT service model that only provided lines,” and “We will establish ourselves as the best IoT platform operator in Korea by continuously developing the additional value that customers need and providing it on a platform basis.”