Controversy has erupted over a Bill which proposes to consider pet insurance as a form of life plan to reflect the fact that insurers are dealing with another kind of life. The argument is over how pets are to be identified in insurance plans.
Health insurance costs for Koreans suffering from panic disorder, a common mental condition, jumped by 18.6% annually from KRW31.2bn ($26.87m) in 2014 to KRW61.6bn last year according to a Korea Bizwire report citing latest data analysis released by the National Health Insurance Service (NHIS).
Genoplan is a genetic testing company backed by big-name venture funds such as Softbank Venture Asia, Samsung Venture Investment, and GC Pharma. Asia Advisers Network finds out how it has helped its partners in the insurance industry improve sales conversion rate by as much as 600%.
Welcome to another week of what's new in the market.
On 5 March, Korea's financial regulator, the Financial Supervisory Service (FSS), announced internal control measures and training guidelines for general agencies (GAs) - third-party insurance agencies that cross-sell multiple insurers' products. Young Kim, Analyst, and Sally Yim, Associate Managing Director, both from Financial Institutions Group, Moody's Investors Service, share their insight.
In an exciting development which will make South Korea a key force for blockchain technology, the network ICON has sealed a strategic partnership with major insurer Kyobo Life to develop blockchain-based services.
South Korean officials have sounded caution about the current bitcoin frenzy that is luring not just seasoned investors, but ordinary people with little prior experience in virtual currencies, with its soaring price.
AIA Life Korea branch has announced that it will soon introduce an artificial intelligence-based customer service centre. This is believed to be the first of its kind in South Korea.
Cancellation of insurance policies by South Korean households is estimated to have reached a record high last year in the face of stagnant income and rising consumer prices.
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