Financial Services Commission Unlocks Insurance Healthcare Restrictions... Promoting Integration of Health and Financial Data

'Insurance Sector Healthcare Activation TF' Holds 1st Meeting

[Asia Economy Reporter Kwangho Lee] The Financial Services Commission is promoting tasks such as facilitating the integration of health data and financial data to revitalize the digital healthcare industry.

On the 4th, the Financial Services Commission announced that it held the first meeting of the Insurance Sector Healthcare Revitalization Task Force (TF) together with related ministries including the Ministry of Economy and Finance, Ministry of Health and Welfare, Ministry of Trade, Industry and Energy, as well as the healthcare and insurance industries.

The Financial Services Commission plans to discover and promote policy tasks by dividing the TF into an advisory group and working groups for efficient operation.

Tasks for the TF to review include promoting the integration of health data and financial data, and expanding the use of digital health devices in the insurance industry.

The Financial Services Commission will review ways to integrate and utilize health and financial data through healthcare platforms in line with the amendment to the Personal Information Protection Act (currently under legislative notice) that expands the scope of data transmission requests.

Regarding the entry of domestic insurance companies into healthcare, the combination and analysis of health assets and financial assets to provide personalized services are gaining attention.

For example, providing customized healthcare services related to diet and nutrition to overweight customers (health checkup data) who eat delivery food three times a week (card data).

Development of insurance products exclusively for the elderly and patients using public sector health and medical data, and development of insurance products based on health age are also under consideration.

The possibility of raising the device value (currently 100,000 KRW) that can be provided by insurance companies will also be reviewed by comprehensively examining the effects of health management devices provided for the purpose of health-promoting insurance products on reducing insurance accident risk rates and improving the health of policyholders.

At the meeting, the Seoul National University Health Finance Research Center and Samjong KPMG introduced trends in the healthcare industry of major foreign countries and directions for domestic insurance companies' entry into healthcare through thematic presentations.

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