Samsung Life Insurance Applies for Exclusive Use Rights for S Simple Comprehensive Insurance... Will They Obtain It This Time?

S Simple Comprehensive Insurance, Enrollment Allowed Even with Surgery or Short-Term Hospitalization History
Third Attempt This Year... Only One Success in Previous Two Attempts

[Asia Economy Reporter Ki Ha-young] Samsung Life Insurance has applied for exclusive rights to the Life Insurance Association for its 'S Simple Comprehensive Protection Insurance,' which allows enrollment even with a history of surgery or hospitalization. This is the third time this year that Samsung Life has applied for exclusive rights. After being rejected in May for an exclusive rights application on a special contract product covering school violence, attention is focused on whether Samsung Life can restore its pride this time.

According to the insurance industry on the 17th, Samsung Life applied for the exclusive rights review of the S Simple Comprehensive Protection Insurance to the Life Insurance Association's New Product Review Committee on the 15th. The review results are expected within two weeks from the application date.

The biggest feature of this product, which began sales on the 16th of this month, is that it allows enrollment even with a history of surgery or short-term hospitalization outside of the eight major critical illnesses. This is the first in the industry. Even if there is a history of surgery within the last two years or hospitalization of five days or less, enrollment is possible without separate notification. Additionally, the product covers not only diseases and surgeries frequently occurring in the elderly in simplified insurance but also pneumonia diagnosis of moderate or higher severity caused by legally designated infectious diseases. This special contract is also the first introduced in the industry.

Exclusive rights are a kind of patent system for insurance company products. The Life and Non-life Insurance Association's New Product Review Committee grants insurance companies that develop creative insurance products for consumers exclusive product sales rights for a certain period. Typically, originality, advancement, and usefulness are evaluated, and an exclusive period of 3 to 9 months is granted.

The biggest advantage is sales marketing. As product competition intensifies, insurance companies secure exclusive sales rights through exclusive rights and can gain an advantage in the saturated insurance market.

However, this year, the acquisition of exclusive rights by life and non-life insurers has shown mixed results. For life insurers, applications themselves are minimal. Until this month, only Samsung Life and Shinhan Life have applied for a total of four exclusive rights. Not only are applications few, but only one product has succeeded in obtaining exclusive rights. Samsung Life's 'GI Plus Whole Life Insurance' is the only life insurance product granted exclusive rights. The 'Health Age Insurance Premium Application Special Contract' and 'School Violence Damage Protection Special Contract K' requested for review by Shinhan and Samsung were both rejected. Compared to last year when life insurers applied for nine exclusive rights and all were granted, the number of acquisitions has significantly decreased in one year.

On the other hand, non-life insurers applied for a total of 13 exclusive rights during the same period, with 12 approvals. Hyundai Marine & Fire Insurance obtained the most with five exclusive rights for 'Good & Good Children's Comprehensive Insurance Q' and 'My Health Insurance Protecting Me.' Carrot General Insurance, the first digital non-life insurer, followed with four through SmartON Pet Walk Insurance, SmartON Overseas Travel Insurance, and Per Mile Special Contract. KB Insurance and DB Insurance also acquired two and one exclusive rights respectively this year.

An industry insider said, "Life insurance products mostly target individuals, making it difficult to diversify or newly create coverage," adding, "It is realistically challenging to develop original products worthy of exclusive rights acquisition."

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