[New Year's Message] Jung Ji-won, President of the Korea Non-Life Insurance Association, "With the Eyes of Consumers, Together with Consumers"

[Asia Economy Reporter Oh Hyung-gil] Jung Ji-won, Chairman of the Korea Non-Life Insurance Association, said on the 31st, "We will examine whether there are any shortcomings in existing products and services from the consumer's perspective and become a non-life insurance industry that works together with consumers."

In his New Year's address, Chairman Jung stated, "Viewing the insurance industry from the consumer's standpoint is the first step toward restoring trust," and added, "We will pay more attention to the sales process, which is the point of contact with consumers."

He continued, "Large corporate agencies (GA), which have grown to a scale comparable to insurance companies, have become an important pillar of the insurance industry. Accordingly, they must fulfill their responsibilities to consumers in proportion to their size and role," and urged, "We need to revise related systems such as assigning liability for compensation and actively block false and exaggerated advertisements in advance."

He also emphasized, "We must consider how private insurance can provide coverage for new risks highlighted by COVID-19, such as business suspension, travel and performance cancellations, and pay attention to revitalizing pet insurance to support the rapidly growing pet industry and market," adding, "We should examine whether safety nets for those engaged in hazardous jobs, such as construction workers and firefighters, are sufficient and work on improving related insurance systems."

In particular, Chairman Jung said, "Big tech and fintech companies will emerge as powerful new competitors in the insurance market," and proposed, "We need to establish a framework for fair competition with financial authorities and find models that allow for a 'win-win' situation."

He also introduced plans to identify and promote improvement tasks regarding the smooth landing of the 4th generation actual expense medical insurance, leakage of automobile insurance claims, and the issue of excessive treatment in some oriental medicine hospitals.

Chairman Jung stated, "Considering the variable of the resurgence of COVID-19, the uncertainty of the growth path is very high, and structural paradigm changes across all areas of society, economy, and industry will accelerate," urging, "We need 'game changers' with innovative ideas that can change the market landscape itself."

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