On the 2nd, LG Uplus announced that it has signed a business agreement with KB Insurance and the insuretech corporations Small Ticket to develop a "commercial vehicle insurance policy" that adjusts premiums based on operating data from commercial vehicles such as cargo trucks.
This agreement was established to encourage safe driving among customers using LG Uplus's vehicle management service "U+ Connect" and contribute to reducing social expenses.
U+ Connect is a system that collects various information in real-time, such as location, speed, rapid acceleration and deceleration, and operating time, through devices attached to vehicles.
LG Uplus explained that using U+ Connect allows the differential application of insurance premiums based on real-time operating data sent by corporate vehicles, depending on the driver’s driving habits or accident risk.
For example, drivers who make fewer sudden stops or speed violations receive greater insurance premium discounts, whereas those with dangerous driving habits see a decrease in the discount rate.
LG Uplus plans to promote risk prediction based on data, customization of insurance products, and more alongside the development of insurance products.
KB Insurance will utilize LG Uplus's U+ Connect operating data to plan differentiated insurance products, while Small Ticket will handle technology integration and service design collaboration based on its digital insurance platform operating experience.