KB Sonbo, New Driver Insurance Product Surpasses 100,000 Sales in 12 Business Days??

[Asia Economy Reporter Oh Hyung-gil] KB Insurance announced on the 22nd that its new driver insurance product, ‘KB Driver Insurance and the Story of Living Safely,’ surpassed 100,000 sales within 12 business days since its launch on the 1st.

This is attributed to the increased interest in driver insurance following the enforcement of the ‘Min-sik Act,’ which strengthened penalties for school zone accidents starting from the 25th of last month, as well as the differentiated features unique to KB Driver Insurance and the Story of Living Safely.

Since the enforcement of the Min-sik Act on the 25th of last month, KB Insurance became the first in the industry to launch a special contract that expands automobile accident fine coverage for school zone accidents up to 30 million KRW. Additionally, it is the only driver insurance product in the industry equipped with a ‘Payback’ feature, giving KB Insurance’s driver insurance a unique competitive edge.

The Payback feature is KB Insurance’s signature function that, along with the ‘premium payment waiver’ which exempts future premium payments if the insured suffers injuries classified as grades 1 to 7 due to a car accident, also refunds (paybacks) the premiums previously paid. In this case, customers can receive the benefits of driver insurance without paying any premiums (coverage premiums) at all.

Furthermore, while the existing Payback feature of KB Insurance allowed refunding of premiums paid if an accident qualifying for premium payment waiver occurred during the premium payment period, the newly added Payback feature in this insurance allows refunds not only during the payment period but also throughout the entire coverage period after payment completion if a qualifying event occurs.

Joon-sung Bae, Executive Director of the Long-term Product Headquarters at KB Insurance, who oversaw the development of this product, said, “Aligned with the company’s ‘turnaround’ strategy this year, we were able to make a strong start in the second quarter by developing differentiated product points. KB Insurance will continue to pursue value-driven growth through customer-centric differentiated product strategies.”

This content was produced with the assistance of AI translation services.