DB Insurance, 'Naegae Mat Chun Ganpyeon Health Insurance' Sells 20,000 Policies in Just 15 Days

[Asia Economy Reporter Changhwan Lee] DB Insurance announced on the 18th that its simplified underwriting insurance product for customers with pre-existing conditions, "Customized Simple Health Insurance," launched on the 1st to commemorate its 60th anniversary, has gained great popularity with 20,000 cases and 2 billion KRW in sales within just half a month.

Simplified underwriting insurance refers to insurance products that allow customers with pre-existing conditions to enroll by answering a reduced set of medical history questions compared to general insurance products. Although premiums are increased proportionally to the simplified scope of questions, these products provide insurance services to those with pre-existing conditions, who are often underserved, and have recently received strong consumer response.

Existing simplified underwriting insurance products operated a single type of medical history question within one product, such as 'physician-required opinion within 3 months,' 'hospitalization or surgery within 2 years,' and 'diagnosis or treatment of major diseases within 5 years' (commonly called the 3/2/5 simplified underwriting type).

However, the new product simultaneously operates five types of simplified underwriting: 3/1/5, 3/2/5, 3/3/5, 3/4/5, and 3/5/5, providing customers with tailored insurance services at reasonable premiums, which has attracted popularity.

A system allowing customers to switch between simplified underwriting types based on their health status has also been added. For example, even customers who enrolled under the 3/1/5 simplified underwriting type can switch to the more affordable 3/2/5 type if they maintain a no-incident status (no history of major disease diagnosis, surgery, or hospitalization related to underwriting questions) for one year after contract signing.

Customers can consecutively convert contracts up to the 3/5/5 simplified underwriting type depending on their health condition, and guidance for each conversion step is provided to enhance customer convenience.

The company emphasized that even if premiums are lowered through the no-incident conversion system, customers receive the same coverage as at the initial contract signing, and no new exclusions or reductions are applied, making it a product that perfectly meets consumer needs.

Along with newly established diverse coverage options, the product is available for a wide age range from 15 to 90 years old, and a premium waiver plan is also offered, exempting future premium payments during the payment period if any of the five major premium waiver reasons apply.

A DB Insurance official stated, “By segmenting customers with pre-existing conditions on a yearly basis and offering premiums tailored accordingly, and by reducing premiums after enrollment based on customers’ medical history, this customer-customized product holds the industry's top competitiveness. We expect it to meet even greater expectations beyond our 60th anniversary.”

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