Matching adjusters to specific accidents... This place is rising as a solution for insurance claim disputes

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Insurance is an investment against 'uncertainty' to prepare for unexpected accidents or illnesses. However, when an accident occurs and consumers should receive insurance benefits, they often face another layer of uncertainty.

Ambiguities in policy interpretation, examination processes that take longer than expected, and disagreements with insurance companies over payment standards turn what should be the essential 'safety net' of insurance into new uncertainties and stresses that consumers must endure.

This is also why complaints related to insurance consistently account for an overwhelming 1st place among all Financial Supervisory Service (FSS) grievances. According to the FSS, out of approximately 57,000 financial complaints received in the first half of last year, 49% were insurance-related, ranking first. Insurance-related complaints have consistently accounted for more than 50% annually.

A startup is drawing attention for operating a business to alleviate such pain points for insurance consumers and help them exercise their rightful claims. Assurance operates the platform 'AllReceived' (Olbadeum), which assists consumers in receiving their full and correct insurance benefits from the consumer's perspective.

Yeom Seon-moo, CEO of Assurance, emphasized, "The essence of insurance is not product sales but payment," adding, "Receiving promised money properly when consumers are at their most difficult moment is why insurance exists."

Yeom Seon-mu (CEO) focused on the 'right to appoint an adjuster,' introduced in 2020. This system allows consumers to freely appoint an independent loss adjuster at no cost when notified by an insurance company that it will conduct a site investigation before paying out benefits.

A loss adjuster is a professional with qualifications who investigates the cause and liability relationship when an insurance accident occurs and calculates appropriate compensation amounts. In most cases, adjusters sent to the scene are either employees of the insurance company or staff from adjustment firms contracted by the insurer.

Yeom (CEO) pointed out, "Although it is a beneficial system similar to court-appointed counsel, due to passive promotion by insurance companies and low public awareness, fewer than 100 cases have utilized this right annually despite millions of site investigations each year." He added, "Most adjustments are carried out by firms designated by insurance companies, leading to practices unfavorable to consumers."

AllReceived matches insurance consumers with the optimal independent loss adjuster. While existing insurance-related platforms focused primarily on simplifying claim submissions, AllReceived differentiates itself by providing professional loss adjustment services specifically needed during the site investigation stage where actual disputes arise.

AllReceived's market share for appointments related to independent loss adjusters currently reaches approximately 70%. Yeom (CEO) stated, "The cost of appointing an adjuster is already included in the premiums consumers have paid," and urged, "Consumers should not forfeit rights they are entitled to enjoy."

Assurance has also developed an 'AI text reading service' that analyzes whether a message sent by an insurance company qualifies for exercising the appointment right in real time when consumers capture and upload complex texts, while also highlighting rights that consumers might easily overlook.

Yeom (CEO) explained, "Insurance company messages are like codes," adding, "The AI guides consumers to understand the hidden intentions behind statements indicating the need for site investigations and enables them to properly appoint experts."

Recently, services have expanded beyond actual medical expense insurance into liability insurance areas. This is because fields such as daily life liability or business liability involve complex accident types with high potential for disputes, making expert assistance particularly urgent.

To achieve this, the company is enhancing an AI matching algorithm that analyzes accident types and customer inquiries to connect consumers with the optimal loss adjuster. Yeom (CEO) said, "We will solve problems not only through human effort but also by leveraging powerful technological tools like AI."

He further elaborated, "By analyzing insurance claim cases and loss adjustment data, we have systematized which types of disputes occur and which adjusters excel in specific fields. Through this, we match consumers with the best experts and provide adjusters with cases where they can best utilize their capabilities."

Assurance is also contributing to job creation. Women who have experienced career interruptions and retired professionals are actively working as independent loss adjusters through AllReceived. Yeom (CEO) stated, "We are providing a platform where capable independent adjusters can work with proper treatment."

While the past loss adjustment market relied heavily on personal connections and sales capabilities, AllReceived has reduced unnecessary sales costs, allowing adjusters to focus solely on their core duty of 'fair loss adjustment.'

Yeom (CEO)'s vision extends beyond resolving individual complaints toward transforming the entire industry's paradigm. He remarked, "The fundamental reason for the slow digitalization of the insurance industry is consumer distrust," and added, "AllReceived will serve as a catalyst to restore trust across the entire industry through positive insurance experiences."

He believes that only when a transparent ecosystem is established where consumers can communicate with insurance companies on equal footing through information sharing rather than information monopolies by insurers can the insurance industry further develop and mature.

Yeom (CEO) emphasized, "Even if insurance companies offer excellent products, industry growth will be limited if consumers do not trust them." He continued, "We aim to overcome the reality where consumers receive VIP treatment when paying premiums but are treated like criminals when claiming benefits, and protect their rightful right to receive expert assistance."

He further stated, "AllReceived will become more than just a platform connecting loss adjusters; it will be a reliable ally that insurance consumers can depend on most," adding, "We aim to make the very term 'insurance claim dispute' disappear from the industry."

He concluded, "Our competitors are not insurance companies. The deep-rooted information imbalance in the insurance market and consumer indifference are our true challenges. Our ultimate goal is to create a world where all insurance consumers confidently demand their rights."

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