Get a free gift up to 200,000 won… Insurance system to change from July

From the second half of this year, insurance companies will be able to provide subscribers with items that reduce the risk of accidents up to 200,000 won. In addition, it is possible to purchase insurance through a video call without meeting the insurance planner in person.

On the 28th, the Financial Services Commission announced the ‘insurance system that will change from the second half of 2023’, including these contents. Regarding the reorganization that can provide accident risk reduction products of up to 200,000 won, the Financial Services Commission explained, “We expect that consumer benefits will be enhanced by developing various insurance products that combine products.” In the past, products unrelated to insurance products were provided because the limit was up to 30,000 won. However, in the future, insurance companies will be able to provide gas leak detection products to home fire insurance subscribers, or comprehensive vaccinations or insect repellents to pet insurance subscribers.

It is also possible for consumers to purchase insurance by listening to the insurance planner’s explanation through a video call at the office or at home without meeting the insurance planner. In the meantime, only voice calls were possible when receiving explanations of insurance products from insurance agents remotely, but from the second half of the year, it will be possible to listen to the explanation while directly viewing related documents on the screen using a smartphone먹튀검증. The Financial Services Commission explained, “It will be possible to directly see the description that combines text and images, which will increase the understanding of insurance products.”

In addition, the ‘maintenance rate’ of insurance contracts is additionally disclosed in the comparison and disclosure items related to insurance products operated by the Life Insurance Association and the General Insurance Association of Korea. Currently, the incomplete sales ratio is disclosed for each insurance product, but since it is a short-term indicator within one year, information on the mid- to long-term satisfaction of insurance products cannot be provided. In the future, long-term indicators such as the maintenance rate (e.g., the percentage of contracts maintained for 1 year, 2 years, 3 years, and 5 years) will be additionally disclosed so that consumers can select insurance products based on accurate information.

Corporate insurance agencies with less than KRW 1 million in recruitment performance for 6 months are exempted from the obligation to disclose management. For small corporate insurance agencies with less than 100 affiliated insurance planners, the upper limit on the fine imposed will be lowered from the current 10 million won to 5 million won.

Most of these insurance system reforms will take effect from July 1st. Only insurance solicitation using video calls will be implemented from July 6th.

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