Toss Insurance Designated as Innovative Financial Service for 'Mobile Standard Product Description Service'

[Asia Economy Reporter Kiho Sung] Toss's insurance specialist affiliate Toss Insurance announced on the 22nd that its 'Mobile Standard Product Explanation Service to Enhance Insurance Subscription Convenience and Consumer Protection' has been designated as an innovative financial service by the Financial Services Commission.

Toss Insurance's innovative financial service is designed to help customers more easily understand product details by actively utilizing audiovisual elements of the mobile app to explain products, instead of having an insurance analysis manager read the standard product explanation script from start to finish and record the process for customers intending to subscribe to insurance.

This service displays the standard product explanation document on the Toss app screen with high readability, and as the pre-recorded explanation plays, the screen automatically scrolls accordingly. Important information that customers must know, such as premiums, coverage details, and coverage limitations, is visually emphasized, and the next step proceeds only when the customer actively responds, for example by 'swiping to agree.'

The core of this service is replacing the mandatory voice recording of the standard product explanation script during telephone consultations (TM) for insurance subscription with a mobile app. It is expected to enhance consumer protection by improving customers' understanding of insurance products.

Under the existing Insurance Business Act, when selling insurance via telephone consultation (TM), the standard product explanation script must be read from start to finish and the process must be recorded. Although this regulation aims to prevent incomplete sales, there have been criticisms that insurance solicitors read the script rapidly over tens of minutes, resulting in customers subscribing without properly understanding the content. Toss Insurance's 'Mobile Standard Product Explanation Service' is expected to innovatively improve this inefficiency. It also reduces the risk of customers' personal information, such as premium payment account numbers or resident registration numbers, being exposed over the phone.

Going forward, Toss Insurance plans to introduce the 'Mobile Standard Product Explanation Service' as early as October after internal testing. During the insurance coverage analysis and product introduction stages, information will be provided to customers via phone as before, but the mobile service will be used at the subscription stage after confirming the customer's intention to contract.

A Toss Insurance official stated, "The Mobile Standard Product Explanation Service was recognized for its innovation in utilizing IT technology appropriately to enhance customer convenience while ensuring that essential information is understood," adding, "It will more effectively achieve the purpose of existing regulations aimed at preventing incomplete sales and protecting consumers."

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