Insurance Premium Burden for Substitute Drivers Reduced... KB Insurance Launches Personal Insurance

Substitute Drivers to Reduce Duplicate Group Insurance Enrollment... Save 1 Million KRW Annually
Real-Time Verification of Personal Insurance Enrollment Expanded... New Online-Exclusive Products Also Launched

Personal Insurance Subscription Inquiry System for Substitute Driving (Source: Financial Services Commission)

[Asia Economy Reporter Oh Hyung-gil] Starting this month, the number of designated driver system companies participating in the designated driver personal insurance subscription inquiry system, which allows verification of whether designated drivers have insurance, will increase to three. This is expected to reduce the insurance premium burden as designated drivers who have subscribed to multiple companies will no longer need to be redundantly enrolled in group insurance.

The Financial Services Commission and the Financial Supervisory Service announced on the 1st that two additional companies, Logi and Icon, will join the designated driver personal insurance subscription inquiry system alongside the existing Callmanner. Callmanner, Logi, and Icon account for about 80-90% of the designated driver call assignment market share.

As a result, these designated driver companies will be able to check in real-time whether a designated driver has personal insurance through the inquiry system.

Until now, designated drivers subscribed to group or personal "designated driver insurance" to prepare for accidents that may occur during driving.

However, even if a designated driver had personal insurance, the designated driver company could not verify this, leading to the problem of redundant enrollment in multiple group insurance policies.

For designated drivers using two designated driver companies, it was advantageous to subscribe to personal insurance (insurance premium of 1.13 million KRW), but they had to be redundantly enrolled in two group insurance policies to receive calls from the companies, resulting in a heavy insurance premium burden.

From now on, designated drivers who have subscribed to personal insurance can access the system, enter their personal information, and consent to the use of information, and designated driver companies will be able to check the driver's insurance subscription status through the inquiry system and assign designated calls.

Additionally, following DB Insurance, KB Insurance will also launch online personal insurance for designated drivers starting from the 6th. Drivers can subscribe directly through the insurance company without going through call assignment companies.

A financial authority official said, "It is expected that the insurance premium burden will be greatly reduced as most designated drivers will no longer need to redundantly enroll in group insurance unnecessarily," adding, "With the addition of online-exclusive insurance products, it will be convenient to subscribe to more affordable products by comparing insurance premiums among insurance products."

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