Six Insurers Including Samsung Life Open Path to 'Public Healthcare Data Utilization'

Health Insurance Review and Assessment Service Grants Final Approval for Use of 'Gonggong Uiryo Data'

[Asia Economy Reporter Kim Jin-ho] Six insurance companies, including Samsung Life Insurance and KB Insurance, have regained access to public health care data that they had been unable to use for the past four years. It is expected that product development for the elderly and those with pre-existing conditions, who had been in the blind spots of the insurance market, will become more active.

On the 8th, the Financial Services Commission announced that a total of six insurance companies?three life insurers (Samsung Life, KB Life, Hanwha Life) and three non-life insurers (Meritz Fire & Marine, Samsung Fire & Marine, KB Insurance)?have received final approval from the Health Insurance Review & Assessment Service to use public medical data.

Until now, Korean insurance companies could not utilize public data and had to rely on overseas data from countries like Australia when developing models. This has raised concerns about limitations in developing health coverage models tailored to Korean consumers.

To resolve these inconveniences, the Financial Services Commission has been conducting consultations with the Ministry of Health and Welfare, the insurance industry, the Health Insurance Review & Assessment Service, and the National Health Insurance Service to enable the use of public data in the insurance sector. As a result, the six insurance companies received final approval on this day.

With this decision, the six insurers plan to focus on developing models for the elderly and those with pre-existing conditions, who had been in the blind spots of the existing insurance market, through analysis of public data. It is expected that coverage will expand and premiums will decrease through precise risk analysis of diseases that were previously not covered or had high premiums even when covered.

Already, major countries such as Japan, Finland, and the United States are experiencing expanding effects such as strengthened coverage for rare diseases and growth of the healthcare industry through the use of public data.

The Financial Services Commission also plans to closely consult with the insurance industry and health authorities during the model development process to maximize the positive effects of using public data. A Financial Services Commission official emphasized, "We plan to establish and operate a Big Data Council for the insurance sector," adding, "We will create a responsible culture of public data use by building a management system for the safe use of public data and sharing and presenting model development cases."

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