Kyobo Life Insurance Obtains Exclusive Usage Right for "CPR and Defibrillation/Electrical Cardioversion Riders"
Kyobo Life Insurance announced on March 11 that two new riders for its "Kyobo MyPlan Health Insurance (Non-Participating)" have obtained a six-month exclusive usage right from the Korea Life Insurance Association.
The exclusive usage right is a type of patent granted by the Korea Life Insurance Association to innovative financial products. To protect the interests of companies that develop new products, the association gives them the exclusive right to sell these products for a certain period, prohibiting other companies from offering similar products during that time.
In 2024, Kyobo Life Insurance launched "Kyobo MyPlan Health Insurance (Non-Participating)," which allows customers to customize their coverage according to their needs. In January this year, the company became the first in the industry to add two new riders to this product: the (Non-Participating) Cardiopulmonary Resuscitation (CPR) Benefit Rider and the (Non-Participating) Defibrillation and Electrical Cardioversion Benefit Rider.
The New Product Review Committee of the Korea Life Insurance Association granted a six-month exclusive usage right for each of the two risk rates related to these riders: the non-participating projected CPR occurrence rate (benefit) and the non-participating projected defibrillation and electrical cardioversion occurrence rate (benefit).
Notably, the company received high marks for innovation by expanding the scope of coverage for brain and heart diseases to include emergency treatment phases, thereby extending protection beyond diagnosis and surgery to encompass the entire treatment journey.
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A Kyobo Life Insurance official stated, "This exclusive usage right recognizes our efforts to strengthen emergency treatment coverage, which is directly connected to customers' lives, and to expand coverage for each stage of brain and heart disease treatment journeys. We will continue to be a reliable partner, safeguarding our customers' healthy lives through differentiated products and services."
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