When flights are delayed or luggage is damaged during travel, insurance claims can reportedly be paid out in just 1 second.

An insurance company has announced that it has reduced the time from filing an insurance claim to payout down to 1 second.

If the payout is completed within 24 hours, a notification talk message is sent to inform customers how quickly they received it.

An analysis of pilot operation data showed that 57% of mobile phone insurance claims and 45% of overseas travel insurance claims completed payouts within 1 minute.

There was even a case where 60,000 won in overseas travel insurance claimed for a delayed flight was paid out in 1 second.

Such a speed race is already reportedly underway across the entire insurance industry.