Kyobo Life Launches 'Group Insurance for Fewer Than 5 People,' an Innovative Financial Service Designated by the Financial Services Commission

‘(Non-face-to-face) Kyobo High-Class Corporate Guarantee Insurance’, ‘(Non-face-to-face) Kyobo Group Guarantee Insurance’ Sales Start
Basic Coverage for Accidents and Diseases, Plus Group Healthcare Services to Support Worker Health Management

[Asia Economy Reporter Oh Hyung-gil] Kyobo Life Insurance has entered the group insurance market for businesses with fewer than five employees.

Kyobo Life Insurance announced on the 22nd that it has launched two products for ‘Group Insurance for Businesses with Fewer Than Five Employees,’ designated as innovative financial services by the Financial Services Commission.

The newly launched products, ‘(Non-Participating) Kyobo High-Class Corporate Protection Insurance’ and ‘(Non-Participating) Kyobo Group Protection Insurance,’ are actual products based on services approved as innovative financial services by the Financial Services Commission at the end of December last year.

Innovative financial services refer to services recognized for their distinctiveness in the content, method, or form of existing financial services. Kyobo Life Insurance obtained regulatory sandbox qualification for ‘Group Insurance for Businesses with Fewer Than Five Employees’ after undergoing strict criteria such as service innovation and consumer benefit enhancement.

The main feature is selling group insurance that covers employee death, injury, and illness for small businesses with 2 to fewer than 5 employees, with a maturity period of up to 5 years. Previously, under ‘Article 7-49, Clause 2 of the Insurance Business Act Supervisory Regulations,’ the minimum number of insured persons for group insurance was set at five.

Kyobo High-Class Corporate Protection Insurance is a group insurance that broadly covers accidents and industrial accidents, allowing companies to freely choose premiums according to their financial situation. It covers accidental death, accidental disability, industrial accident death, accidental hospitalization and surgery, and fracture treatment. Through special contracts, it also provides coverage for traffic and industrial accidents, accidental injuries, cast treatment, and diseases such as cancer, cerebral hemorrhage, and acute myocardial infarction.

In urgent cases where operating funds are needed, companies can secure necessary funds by withdrawing accumulated amounts. Additionally, if the company’s financial condition worsens, the remaining premiums can be fully paid using the surrender value to maintain coverage for employees, which is another advantage.

Kyobo Group Protection Insurance is a protection insurance that prepares for accidents and diseases with affordable premiums. The main contract covers accidental death, and special contracts tailored to group needs provide coverage for accidental fractures, hospitalization, surgery, traffic and industrial accidents, cast treatment, and diseases such as cancer, cerebral hemorrhage, and acute myocardial infarction.

Kyobo Life Insurance offers not only the core insurance coverage for industrial accidents and diseases but also various differentiated additional services.

Employers can receive support services for resolving legal and labor issues using resources owned by Kyobo Life Insurance, as well as industry-specific specialized training services. Employees can receive direct health management assistance through ‘Group Healthcare Services,’ including health checkup appointment arrangements and health consultations by medical specialists.

A Kyobo Life Insurance official said, “Group insurance has been well received because multiple people can join at once with affordable premiums, but small businesses were unable to benefit due to the minimum number of insured persons. We hope that small businesses with fewer than five employees, which have been blind spots in group insurance, will have the opportunity to reduce the burden of industrial accident risks and improve employee welfare.”

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