Non-life insurance sector to expand products for older adults, pregnant women, children

General Insurance Association of Korea Chairman & CEO Lee Byung-rhae speaks during a press conference in Seoul, Wednesday. Courtesy of General Insurance Association of Korea

Faced with a rapidly aging population and ongoing low birthrate, Korea’s non-life insurance sector is planning to create more plans tailored for older adults while strengthening coverages related to pregnancy and childbirth-related illnesses.This is according to Lee Byung-rhae, chairman and CEO of the General Insurance Association of Korea on Wednesday, who marked his 100th day as the chief of the association of non-life insurance companies, since he took office in late December.During a press conference in Seoul earlier in the day, Lee announced four key strategies for the growth of the non-life insurance sector: expansion of older adult-customized insurance plans, digital innovation, establishing a sustainable insurance system and solidifying consumer-centric services.”Aiming to expand older adult-customized insurance products and services, the association plans to pursue regulatory improvements, particularly in easing entry barriers for nursing and caregiving services business into the markets,” he said. “It also plans to further utilize public health care data in developing more sophisticated older adult-tailored insurance plans.”

Lee emphasized that the non-life insurance sector plans to upgrade insurance its products to address the country’s low birth rate by introducing youth- and child-friendly services in medical insurance, such as covering medical expenses related to pregnancy and childbirth.Additionally, auto insurance providers plan to offer more discounts on insurance premiums for families with multiple children. “Another key strategy of the industry’s growth lies in advancing insurance products based on data-driven innovation, as it can result in a wider range of tailored insurance products for each customer,” Lee said.He also vowed to support non-insurance companies’ attempts to make a foray into foreign markets to seek another growth momentum.”In the face of rapid changes in the domestic and external economic and industrial structures, the responsibility of insurance companies, which serve as a private social safety net, is becoming increasingly important. The association will continue to strive to achieve a new leap and development in the insurance industry,” he 온라인카지노 said.

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