Building Health and Lifestyle Platforms in the Insurance Sector... Activating Digital Healthcare Services

Financial Services Commission Holds 2nd Meeting of 'Insurance Sector Healthcare Activation TF'
Allows Subsidiary and Ancillary Business Operations... Permits Prepaid Electronic Payment Services

[Asia Economy Reporter Kwangho Lee] Financial authorities are improving related regulations to allow insurance companies to provide platform-based comprehensive digital healthcare services. They plan to permit healthcare-related platform services to be operated as subsidiaries or through multiple business methods, and to allow prepaid electronic payment services within necessary scopes.

The Financial Services Commission held the second meeting of the "Insurance Sector Healthcare Activation Task Force (TF)" with the insurance industry, healthcare industry, and academia to discuss these measures on the 13th.

At the meeting, in addition to promoting healthcare regulatory improvements, plans for utilizing public data in the insurance sector and collaboration methods between the healthcare and insurance industries were also discussed.

Following the approval obtained by six insurance companies on the 8th to use public medical data from the Health Insurance Review & Assessment Service, the use of public data has become possible. Accordingly, the insurance industry plans to strive to utilize public data in line with the open purpose of "enhancing public convenience."

First, public data will be used with the public's convenience as the top priority, such as developing products exclusively for the elderly and those with pre-existing conditions, and offering insurance premium discounts.

Additionally, a big data council for the insurance sector will be formed to establish a safe data usage management system and to disclose cases of data utilization.

To ensure responsibility and public nature in the use of public data, they will check whether data usage aligns with the application purpose, and promote activities such as presenting excellent cases of data utilization and researching social issues.

Furthermore, in the second half of the year, the Life and Non-life Insurance Associations and the Korea Digital Health Industry Association plan to sign a memorandum of understanding (MOU) to strengthen mutual cooperation between the two industries.

KB Insurance announced plans to establish a digital healthcare specialized subsidiary aiming for launch in the second half of the year. The healthcare subsidiary will provide personalized health status analysis and customized health management services based on customer data.

A Financial Services Commission official said, "We will rapidly proceed with revising laws and guidelines related to institutional improvements and operating the insurance sector big data council in the second half of the year," adding, "We will also hold a public hearing to comprehensively discuss institutional improvements, data utilization, investment, and collaboration to explore mutually complementary development directions between the insurance industry and digital healthcare."

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