Kyobo Life announced on Aug. 7 that a complex underwriting rider included in Kyobo K-Customized Health Insurance (non-participating, complex underwriting type) acquired exclusive usage rights for six months from the Korea Life Insurance Association (KLIA).
Exclusive usage rights are patent rights granted by the KLIA to unique financial products.
To protect the interests of the company that developed the new product, it grants exclusive sales rights to prevent other companies from selling similar products for a certain period.
The complex underwriting rider is a systemic rider that allows for simultaneous enrollment by separating the healthy portion within a single product into a general underwriting portion and a simplified underwriting portion that cannot be enrolled through general underwriting.
Through this, it has laid a foundation for reducing unnecessary premium surcharges while resolving coverage gaps.
The KLIA’s New Product Review Committee highly evaluated the product for its originality and utility, noting that it broke down a taken-for-granted dichotomy between “general underwriting insurance” and “simplified underwriting insurance,” insurance for those with pre-existing conditions, and implemented a complex underwriting structure for the first time in the Korean life insurance industry.
In particular, the New Product Review Committee praised the complex underwriting rider for its innovation in overcoming the limitations of existing insurance for those with pre-existing conditions, which uniformly applied relatively expensive simplified underwriting rates to main contracts and all riders.
It is designed so that risk coverages related to a history of illness are covered via simplified underwriting without exclusions, while coverage unrelated to one’s condition — healthy coverage — can be purchased at general rates without surcharges. This design provides customers with premium savings while eliminating blind spots in coverage.
The complex underwriting rider also received a positive evaluation regarding the convenience of the subscription process. By introducing a “one-stop notification process” that integrates general and simplified underwriting, it allows customers to check the underwriting results for each rider simultaneously with just a single application, eliminating a need for multiple applications.
An image of Kyobo K-Customized Health Insurance.
In addition, by first verifying the eligibility for standard underwriting coverage through the system during the subscription design stage, the complex underwriting rider prevents unnecessary financial burdens that may arise without customers’ awareness and actively assists in complete sale.
This innovation is the result of Kyobo Life Insurance’s long-term efforts to improve completeness, ranging from establishing a task force within the organization to developing a company-wide system, in order to break the long-standing stereotype that simplified underwriting insurance is for people with pre-existing conditions.
Meanwhile, Kyobo K-Customized Health Insurance provides death coverage up to age 100 through the main contract.
It features a sophisticated structure of 42 core riders (42 types under standard underwriting and 42 types under simplified underwriting) covering diagnosis, treatment, surgery and hospitalization, centered on the three major diseases — cancer, cerebrovascular diseases and heart diseases.
This product is for those aged between 15 and 76. Kyobo New Healthcare Service Health Specialized Type (R) II is provided for those who sign up with a monthly premium of 50,000 won or more.
Production of Barrier-Free Neighborhood Map
Kyobo Life Insurance has embarked on the production of a barrier-free neighborhood map to help people with mobility limitations, such as the disabled and the elderly who use wheelchairs, easily access public and convenience facilities.
Kyobo Life Insurance announced on August 5 that it presented the first barrier-free facility certification to Crepe Boy Cafe near Tongin Market in Jongno-gu, Seoul.
“Barrier-free” refers to an environment where thresholds and stairs among others are removed so that people with mobility limitations can use buildings and facilities safely and conveniently.
“Barrier-Free Neighborhood Map” is a new public service project launched this year by Kyobo Life Insurance in collaboration with its affiliated public interest foundation, the Kyobo Foundation for Education.
The map shows everyday facilities such as restaurants, cafes, convenience stores and restrooms that people with mobility impairments can use without inconvenience.
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