Jung Hee-su, President of the Life Insurance Association, Calls for "Regulatory Innovation to Limit Subsidiary Business Scope"

Jung Hee-su, President of the Life Insurance Association

[Asia Economy Reporter Buaeri] Jung Hee-soo, Chairman of the Life Insurance Association, announced on the 30th that he will improve regulations limiting the scope of work for subsidiaries.

Chairman Jung said in his New Year's address, "Regulatory innovation is more necessary than anything else in order to compete on equal footing not only with financial companies but also with big tech companies."

He added, "We will expand the scope of outsourcing for insurance companies and also promote regulatory improvements for digital innovation across all areas of the insurance business, including product development, sales, and underwriting."

Furthermore, he emphasized the computerization of claims for indemnity health insurance. Chairman Jung stated, "We will computerize the claims process for indemnity health insurance so that 40 million indemnity health insurance subscribers can receive their insurance benefits easily and conveniently."

He continued, "We will promote the strengthening of pension insurance functions and institutional improvements," and added, "Through entry into nursing care and funeral services, life insurance companies will faithfully fulfill their social roles."

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