The Korea Life Insurance Association (KLIA) provides useful insurance product information to consumers through the New Product Introduction Series on its YouTube channel (youtube.com/kliapr).
The program explains life insurers’ new products that have acquired “exclusive use rights,” also known as patents in the life insurance industry.
The New Product Introduction Series informs of original and innovative new products from life insurance companies in line with the latest trends, such as the advancement of medical technology and consumer needs.
In addition to pointing out the basic concepts of insurance, product developers who actually developed the products appear on the program to introduce the backgrounds of product development and the main features of the products, and inform consumers about life insurers’ efforts to develop new products to boost consumer convenience.
This will make it easier for consumers to find information on new products.
A total of eight new products were introduced in 2023, starting with the first one in April 2023.
In 2024, the YouTube channel introduced Samsung Life’s Happiness Plus Annuity Insurance with a guaranteed minimum cash value option, Mirae Asset Life’s Reimbursement Non-Hereditary Genetic Test Guarantee Insurance and reimbursement Specific Anti-Cancer Side Effects Treatment Drug Guarantee Insurance, which cover the latest medical technologies.
A capture of the KLIA’s YouTube channel.
It will continue to upload videos of new products such as Lina Life Insurance’s (non-participating) Dynamic Health OK Insurance which suggests optimal premiums according to customers’ health conditions.
Exclusive use rights, which are the main subject of the New Product Introduction Series, are patent rights in the insurance industry. They were introduced in 2002.
A life insurance company that receives an exclusive use right is granted an exclusive sales right for the product for a certain period of time.
These exclusive use rights protect the rights and interests of a life insurer that developed an insurance product, thereby encouraging the development of new products and creating an atmosphere for fair competition.
It also provides consumers with a wide array of choices, ultimately laying the foundation for the sustainable growth of the life insurance industry.
Meanwhile, as discussed at an insurance reform conference organized by the Financial Services Commission on Sept. 26, the KLIA is promoting the expansion of the exclusive use right protection period and will continue its efforts to ensure a fair and objective review, including reinforcing external reviewers and improving review standards.
The KLIA plans to continue to produce videos that meet the needs of consumers and member life insurers, thereby contributing to strengthening consumers’ access to insurance information and increasing their trust in the Korean life insurance industry.
Stressing Need to Have Dementia Care Insurance and Pre-Existing Conditions Insurance
On Sept. 12, the KLIA distributed a press release stating that it is necessary to prepare for increasing medical expenses in the super aging society of Korea with dementia care insurance and pre-existing conditions insurance.
The KLIA said that dementia care insurance and pre-existing conditions insurance can be an effective way to prepare for the super-aging society, so it is important for consumers to compare and select the right product for their situations to reduce financial burdens in their old ages.
Dementia care insurance policies run by life insurance companies provide a wide range of coverage from mild dementia which has a high incidence rate to severe dementia and also pay care or living expenses due to diseases such as dementia and disasters.
In addition, if a person is diagnosed with severe dementia, the person will not need to pay premiums and non-cash surrender value type insurance policies will be available to lower premium burdens on consumers.
It provides dementia care services before and after the onset of dementia, and operates dementia prevention programs through partnerships with digital treatment companies.
In the event of a diagnosis of a specific disease or severe dementia, premiums paid for the main contract are returned, or insurance products offer enhanced long-term care coverage and coverage is expanded through special contracts on severe Alzheimer’s disease or Parkinson’s disease.
In the case of pre-existing conditions insurance plans, even if you have a past medical history or pre-existing conditions, you can sign up for them by passing a simple screening.
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