Samsung Life's New Insurance Product Obtains Industry's First Exclusive Use Rights This Year

Two Types Including Severe Knee Joint Cartilage Damage Coverage Rider
Recognized for Originality and Usefulness, Secures 3-Month Exclusive Usage Rights

Samsung Life Insurance has obtained the exclusive usage rights for a new insurance product it launched last month, becoming the first in the industry this year to do so. This was due to the new riders' development of risk rates being recognized as innovative and useful.

Samsung Life Insurance announced on the 13th that it had acquired a 3-month exclusive usage right for the 'New Comprehensive Health Insurance Ildangbaek.'

The Life Insurance Association's New Product Review Committee recognized the originality and usefulness of Samsung Life Insurance's development of new risk rates for two riders, granting a 3-month exclusive usage right. These riders are ▲Severe Knee Joint Cartilage Damage Coverage Rider and ▲Specific Circulatory Disease Covered Anticoagulant Therapy Rider, which were included in the 'New Comprehensive Health Insurance Ildangbaek' and 'New Wonderful Comprehensive Coverage Insurance' launched in March.

First, the 'Severe Knee Joint Cartilage Damage Coverage Rider' was acknowledged for its originality by being the industry's first to cover umbilical cord blood stem cell therapy, addressing coverage gaps focused on the early and late stages of knee joint diseases. Umbilical cord blood stem cell therapy is a non-reimbursed treatment that incurs high costs, placing a burden on customers, but this development is said to have enhanced customer benefits.

Additionally, the 'Specific Circulatory Disease Covered Anticoagulant Therapy Rider' was recognized for its originality by being the industry's first to cover long-term oral anticoagulant medication, which can prevent the worsening of circulatory disease patients and recurrence after severe disease treatment. Furthermore, it was acknowledged for its usefulness by expanding the drug insurance market, which had been limited to some high-cost anticancer drug treatments, and by actively covering long-term medication use, thereby reducing social costs.

A representative from Samsung Life Insurance's product team stated, "We will continue to release products that are useful to customers and consistently enhance product competitiveness."

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