Kim Chul-joo, chairman of the KLIA, said that KLIA will strengthen the roles of life insurance in the Korean pension market amid the fast aging of the Korean population.
“The KLIA will strengthen the roles of life insurance in the Korean pension market by easing regulations on pension products for senior citizens and expanding tax benefits, and enhance the sustainability of insurance against death,” said Kim Chul-joo, chairman of the KLIA in his New Year’s message.
“The KLIA will also do its utmost to improve the health of the Korean people through the third-party insurance market to solidify the roles of life insurance as a social safety net in Korea,” Chmn.Kim added.
“We will also continue to work on new growth engines for the Korean life insurance industry centered on senior citizens, healthcare and digital innovation.”
Chmn. Kim also emphasized that he will push for deregulation of life insurers’ subsidiaries and ancillary businesses, develop insurance services utilizing new technologies, such as artificial intelligence (AI), and support Korean life insurers’ overseas expansion.
Chmn.Kim explained that the KLIA will strengthen its soundness amid growing internal and external uncertainties.
“We will actively support the stabilization of key indicators such as liquidity, soundness, and financial safety,” Kim said.
“We will support the stable operation of the IFRS17 System in order to enhance the credibility of insurance accounting.”
Chmn.Kim also emphasized earning more trust from consumers. “The KLIA will prevent mis-selling and strengthen insurance sales channels’ responsibilities in sales processes and activities,” Kim continued.
“We will make an improvement so that consumers will be able to choose life insurance products rationally through various sales channels of their choice.”
“I expect the internal and external situation and financial market uncertainty to remain major risk factors for the Korean life insurance industry in 2025,” Kim said.
“If we, the KLIA and Korean life insurers, innovate proactively and strategically and respond quickly, we will be able to sharpen the competitiveness of the Korean life insurance industry and make a bigger leap forward.”
‘Wrist Doctor 9988’ Service
The Korea Life Insurance Association (KLIA) announced on Jan. 15 that they signed a business agreement on cooperation with the Seoul Metropolitan Government (SMG) on “Wrist Doctor 9988”.
Through this agreement, the KLIA will work closely with the SMG to support the expansion of the service so that more citizens will be able to easily access Wrist Doctor 9988.
Wrist Doctor 9988 is a smart healthcare service with 1.6 million users.
It was launched in November 2021 to help Seoul residents establish self-healthcare lifestyles and extend their healthy life span.
A smartphone version of the service began in March last year, enabling citizens to participate in the service any time.
The KLIA and the SMG agreed on the need to respond to various health problems facing Seoul residents, such as the rapid aging of Korea’s population and an increase in chronic diseases due to lifestyle changes, and to make good healthcare habits in everyday lives.
The KLIA will pay 2 billion won from the Life Insurance Social Contribution Fund over three years to let more citizens to use Wrist Doctor 9988 services, including expanding services to marginalized people.
In 2007, the association established the Life Insurance Social Contribution Committee to jointly carry out the Korean life insurance industry’s social contribution activities.
It has since supported various public projects by establishing and making good use of the fund.
The KLIA and the SMG will team up to enhance the quality of the Wrist Doctor 9988 Project and expand the spread of its services including joint research on the health improvement effects of Wrist Doctor 9988 and joint campaigns to spread Wrist Doctor 9988.
They plan to develop and promote various cooperative projects for the long-term development of Wrist Doctor 9988 and an improvement in Seoul residents’ health and wellness through close cooperation.
_손목닥터 9988 공동협력을 위한 업무협약.jpg)
