(Seoul=Yonhap Infomax) Yun Gu Lee – Hyundai Marine & Fire Insurance Co., one of South Korea's leading non-life insurers, announced on the 24th that it has signed a strategic memorandum of understanding (MOU) with Hyundai Motor Co. and Kia Corp.'s Robotics Lab to jointly establish a safe and sustainable robotics service ecosystem.


The partnership aims to integrate robotics technology with the insurance industry, enabling the joint development of risk management frameworks and safe operational protocols for robots. The companies will also collaborate on the creation of insurance products and financial models tailored to new robotics services, such as Robot-as-a-Service (RaaS).


Looking ahead, the two sides plan to explore new markets in emerging technology sectors, including robot-friendly buildings and smart factories, while jointly developing financial and insurance convergence models to enhance cost efficiency for robot users.


On the same day, Hyundai Marine & Fire launched its new "Deep Tech Comprehensive Insurance" product, specifically designed for robotics, and signed its first contract with Hyundai Motor and Kia Robotics Lab.


The policy provides broad coverage, including traditional commercial liability and product liability, as well as compensation for cyber risks such as hacking and malware attacks, and associated investigation and recovery costs. It also covers a wide range of tangible and intangible risks, including professional liability for advanced technologies in robotics, physical AI, and smart factories, as well as personal data and network security liabilities.


"For the past 70 years since our founding, we have fulfilled our role and responsibility as a social safety net," said Yoon Ui-young, Executive Vice President and Head of Corporate Insurance at Hyundai Marine & Fire. "Through our collaboration with Hyundai Motor and Kia Robotics Lab, we aim to contribute to the creation of a safer and more human-friendly robotics ecosystem for the future, and to accelerate innovation across various fields."


Hyun Dong-jin, Executive Director and Head of Robotics Lab at Hyundai Motor and Kia, commented, "By establishing insurance and data-driven financial models specialized for the robotics industry, we will lead the commercialization of robotics technology and enhance investment stability."


yglee2@yna.co.kr


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