Say "Insurance Information Technology" instead of "Insurtech"
'Fun Saving' and 'Pent-up Effect' Alternatives Recommended as 'Play-type Savings' and 'Demand Surge Effect'
The Ministry of Culture, Sports and Tourism and the National Institute of the Korean Language recommended on the 22nd that the term 'insurtech' be replaced with the Korean term 'boheom jeongbo gisul' (insurance information technology). They also suggested 'nori-hyeong jeochuk' (play-type savings) and 'suyo bunchul hyogwa' (demand surge effect) as Korean alternatives for 'fun saving' and 'pent-up effect,' respectively.
Insurtech refers to insurance development technology that utilizes information technologies such as big data, artificial intelligence, virtual currency, and the Internet of Things. The selection of the alternative term 'boheom jeongbo gisul' reflected survey results. In a public acceptance survey conducted from the 15th to the 17th with about 1,000 participants, 90.8% of respondents answered that the term was appropriate.
Fun saving refers to financial products that encourage savings in a fun way rather than with favorable interest rates for subscribers. The pent-up effect describes a phenomenon where suppressed demand due to external factors rapidly increases once those factors are resolved. The Ministry of Culture, Sports and Tourism and the National Institute of the Korean Language decided on the alternatives 'nori-hyeong jeochuk' and 'suyo bunchul hyogwa' at the Saemal Meeting held from the 12th to the 14th.
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The Saemal Meeting is a committee that provides Korean alternative terms easily understood by the general public before difficult foreign neologisms spread. Experts from various fields such as Korean language, foreign languages, education, publicity and publishing, information and communication, and media participate. The Ministry of Culture, Sports and Tourism and the National Institute of the Korean Language plan to continuously promote the use of these alternatives led by government ministries and media outlets.
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