SEOUL -- Lotte Insurance, the insurance wing of South Korea's conglomerate Lotte Group, has partnered with a service robot company to release an indemnity liability insurance plan for store owners who operate delivery or service robots. The insurance will plan will cover almost every accident case caused by robots at the store premise.
More service robots are adopted at restaurants, coffee shops, and hotels in South Korea webbed with super-fast 4G and 5G networks. The country's most popular service robot solution provider is Baedal Minjok, a top food delivery service operator. There are some 630 service robots deployed to about 500 restaurants across South Korea. Service robots are popular among store owners who wish to cut down labor costs.
Lotte Insurance partnered with Big Wave Robotics to release an indemnity liability insurance plan that covers damage caused by robots, accidents that take place inside the store premise, and damage caused by the store's products. Previously, store owners had to sign up for multiple insurance plans.
"We hope this insurance plan to become a helping hand for South Korea's rapidly growing service robot industry," an unnamed Lotte Insurance official said in a statement on May 6.
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