Ji Won Jung, Chairman of the Korea Non-Life Insurance Association, "Promoting Mandatory Liability Insurance for Construction Site Worker Accident Coverage"

New Year Business Plan 'Reliable Non-Life Insurance with Consumers'
Building a Digital Insurance Ecosystem and Expanding Consumer Safety Nets

[Image source=Yonhap News]

[Asia Economy Reporter Oh Hyung-gil] The non-life insurance industry announced plans to develop insurance products that cover losses for companies whose production activities have been halted due to resource supply imbalances. They also plan to mandate workers' compensation liability insurance for construction site workers, where industrial accidents frequently occur.

A 'My Life Finance Platform' service will be established, providing integrated financial, medical, and public data based on digital innovation.

On the 18th, Jung Ji-won, Chairman of the Non-Life Insurance Association, announced the New Year business plan, which includes building a digital insurance ecosystem and expanding consumer safety nets.

Chairman Jung stated, "Insurance has a structural characteristic of providing long-term coverage for future risks, so consumer trust must be the top priority. By creating an environment where consumers can experience the value of insurance in their daily lives, we will build a reliable non-life insurance industry alongside consumers."

Consumer safety nets will be strengthened in response to social and environmental changes. Insurance products will be prepared to cover risks arising from eco-friendly mobility such as electric vehicles and trams due to the transition to green energy, and the development of hydrogen infrastructure insurance products will be promoted to prepare for large-scale disasters and casualties that may occur in hydrogen cities.

Additionally, insurance products that compensate for business interruption losses will be developed to prevent cases of halted production and business damage caused by strategic resource supply instability, such as the element water crisis.

Support will be provided for the introduction of policy-based technology protection insurance that covers litigation costs to respond to technology theft damages suffered by small and medium-sized enterprises from large corporations, and the introduction of risk-customized insurance products with affordable premiums for disaster accidents at small businesses and micro-enterprises will be promoted.

Index-type insurance that pays out when specific weather conditions are met will be introduced, and efforts will be made to activate small business participation in flood and windstorm insurance.

To build the 'My Life Finance Platform' that integrates financial, health, and lifestyle services, the operational basis for the platform will be established, and institutional improvements will be supported, including allowing MyPayment and comprehensive payment services, participation of MyHealthWay and public MyData utilization institutions.

Non-life insurers will utilize public MyData to establish a secure data transmission and reception system, enabling consumers to conveniently submit administrative documents required for insurance subscription and claims.

Furthermore, to expand the scope of health management services that can be provided by non-medical institutions, a revision of the Ministry of Health and Welfare's 'Non-Medical Health Management Service Guidelines' will be proposed.

Regarding indemnity medical insurance, which has been accumulating deficits, active proposals will be made for strengthened management of problematic non-reimbursable items by related ministries, and focused audits on suspicious claim types such as refusal to submit test records and broker involvement will be considered.

For automobile insurance, to improve excessive oriental medicine treatments, proposals will be made to establish reasonable treatment fee standards for problematic items such as upper-level hospital rooms in oriental clinics.

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