Toyota Korea signs MOU with Insurance Development Institute to streamline vehicle data sharing

Toyota Korea has signed an MOU with the Insurance Development Institute to improve customer convenience through vehicle data sharing, the company announced Monday.

The signing ceremony was held Sunday at Toyota Korea's headquarters in Jung-gu, Seoul, with Toyota Korea President Konyama Manabu, Insurance Development Institute Vice President Park Jin-ho and other officials from both sides in attendance.

Under the agreement, Toyota Korea will provide the institute with detailed vehicle information — including model-specific specifications and whether advanced safety devices are installed — which the institute will then incorporate into its insurance information network.

As a result, domestic non-life insurers will be able to apply advanced safety device discount riders more easily when underwriting policies. Toyota and Lexus customers will be able to receive insurance discounts without going through complicated procedures.

In addition, the two sides plan to cooperate across a range of areas to promote the sound development of the automotive and insurance industries — including establishing standards for calculating appropriate repair costs — based on the shared vehicle and insurance data.

"I am pleased that our cooperation with the Insurance Development Institute will allow Toyota and Lexus customers to access insurance benefits more easily and conveniently," Konyama said. "We will continue to strengthen a wide range of services that deliver real convenience and safety from the customer's perspective."

Insurance Development Institute President Heo Chang-eon called the agreement "an excellent example of cooperation with an automaker to enhance consumer convenience," adding that the institute would work to expand such partnerships with other manufacturers.

Meanwhile, Toyota Korea has been carrying out various corporate social responsibility activities, including launching the "Right Driver Campaign" with the Korea Road Traffic Authority to promote safe driving culture and raise road safety awareness.