Insurance plan

Lotte Insurance launches indemnity insurance plan for service robots

[Courtesy of Lotte Insurance]

SEOUL – Lotte Insurance, the insurance arm of South Korean conglomerate Lotte Group, has partnered with a service robot company to launch a liability insurance plan for store owners who operate delivery or service robots . The insurance plan will cover almost all cases of accidents caused by robots on store premises.

More and more service robots are being adopted in restaurants, cafes and hotels in South Korea equipped with super-fast 4G and 5G networks. The country’s most popular service robot solution provider is Baedal Minjok, one of the leading food delivery service operators. Some 630 service robots are deployed in around 500 restaurants across South Korea. Service robots are popular among store owners who want to reduce labor costs.

Lotte Insurance has partnered with Big Wave Robotics to launch a liability insurance plan that covers damage caused by robots, accidents that occur inside the store, and damage caused by store products. Previously, store owners had to subscribe to several insurance plans.

“We hope this insurance plan will become a helping hand for the rapidly growing service robot industry in South Korea,” an unnamed Lotte Insurance official said in a May 6 statement.

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