Exclusive Use Rights, Already 3 Cases This Year... Hanwha Insurance and Mirae Asset Life Acquired (Comprehensive)

Hanwha General Insurance Snow-Specific Insurance
Mirae Asset Life Insurance Receives 3-Month Exclusive Use Right for Multi-Childbirth Cancer Insurance Discount Rider
KB Insurance Previously Obtained the First This Year

[Asia Economy Reporter Ki Ha-young] Since the beginning of the year, insurance companies have been consecutively acquiring exclusive usage rights, a type of patent right. This is the result of launching industry-first products by understanding consumer needs.

According to the industry on the 29th, Hanwha General Insurance recently received exclusive usage rights for three new risk coverages of its eye-specific insurance product, "Non-dividend Bright Eye Health Insurance," from the General Insurance Association's New Product Review Committee for three months (January 27 to April 26). The exclusive usage rights were granted for retinal specific disease diagnosis fees, corneal specific disease diagnosis fees, and eye-specific injury diagnosis fees. Earlier this month, Hanwha General Insurance introduced an eye-specific insurance product that provides focused coverage in stages from preventive examinations to surgeries for ophthalmic diseases such as cataracts, conjunctivitis, and dry eye syndrome. Although it has been less than a month since its launch, the number of subscriptions has exceeded 9,000, indicating a positive market response.

Mirae Asset Life Insurance also received exclusive usage rights for three months (January 26 to April 25) from the Life Insurance Association's New Product Review Committee for a special rider offering premium discounts for ovarian and breast cancer to women with multiple childbirths. This rider was recognized for its originality, considering that childbirth affects the secretion of female hormones, which are risk factors for ovarian and breast cancer.

Utilizing Exclusive Usage Rights in Sales and Marketing

The first product to acquire exclusive usage rights this year was KB General Insurance's new risk coverage, "Thyroid Cancer Hormone Drug Approval Treatment Fee." This coverage pays insurance benefits once upon diagnosis of thyroid cancer during the insurance period and receiving thyroid hormone drug approval treatment after thyroid cancer surgery. It was granted exclusive usage rights for three months (January 18 to April 17).

Exclusive usage rights are a type of patent system for insurance products. The New Product Review Committees of the Life and General Insurance Associations grant insurance companies exclusive rights to sell innovative insurance products developed for consumers for a certain period. Typically, originality, advancement, and usefulness are evaluated, and an exclusive period of 3 to 9 months is granted. Last year alone, 25 cases were approved for exclusive usage rights, including 6 from life insurers and 19 from general insurers.

An industry official said, "As product competition intensifies, companies are utilizing exclusive usage rights for sales and marketing."

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