Shinhan Life Files Objection to 'Exclusive Use Right Rejection'... First by a Life Insurance Company in 3 Years
Health Age Insurance Premium Application Rider
Notification After Reconsideration Within 15 Days
[Asia Economy Reporter Ki Ha-young] Shinhan Life Insurance has filed an objection to the exclusive usage rights with the Life Insurance Association regarding the 'Health Age Premium Application Rider' it launched last May. This is the first time in three years that a life insurance company has filed such an objection, drawing attention to the outcome.
According to the insurance industry on the 2nd, Shinhan Life recently submitted an objection concerning the exclusive usage rights of the Health Age Premium Application Rider. This action followed the Life Insurance Association's New Product Review Committee's decision to reject the exclusive usage rights for this product. It is the first time since 2017 that a life insurer has filed an objection related to exclusive usage rights.
The rejection of the exclusive usage rights for this product was due to claims that it was similar to DB Insurance's 'Healthy and Truly Good Health Insurance,' which was launched last year. DB Insurance's product calculates the health age for cancer, cerebrovascular disease, and heart disease based on the subscriber's smoking status, BMI, blood pressure, and other health information to determine the premium.
On the other hand, Shinhan Life maintains that their product is distinctly different from DB Insurance's. A Shinhan Life representative stated, "The Health Age Premium Application Rider calculates the health age using health checkup information registered with the National Health Insurance Service, not based on the company's own standards, and applies it to the premium. Since the health checkup results are retrieved using scraping technology, it is a product that combines fintech technology with the advantages of the product."
With Shinhan Life filing an objection regarding the granting of exclusive usage rights, the Life Insurance Association plans to convene a committee within 15 days of receiving the objection, conduct a re-examination, and notify the results. Typically, when a re-examination is held, the company filing the objection is given an opportunity to explain the product again directly.
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Exclusive usage rights are a patent system for insurance products. They grant insurance companies that develop creative insurance products for consumers the exclusive right to sell the product for a certain period. Among life insurers this year, Samsung Life Insurance was the only company to obtain exclusive usage rights with its 'GI Plus Whole Life Insurance' product. Exclusive usage rights help in marketing insurance sales. As the insurance market becomes saturated and companies face difficulties in sales, securing exclusive sales rights through exclusive usage rights allows them to gain a competitive advantage in market preemption.
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