Lina Life Insurance Obtains 9-Month Exclusive Rights for 'Customer Health Customized Products'

Rina Life Insurance announced on the 9th that its insurance product, which proposes optimal premiums tailored to the customer's health condition, has obtained a 9-month exclusive usage right.

Launched last month, the '(Non-Participating) Dynamic Health OK Insurance' is a product that uses insurtech to match optimal disclosure questions according to coverage, resulting in personalized premiums.

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Rina Life developed and applied a ‘No-Accident Matching Pricing’ system that automatically matches 77 types of medical history disclosures with minimal health data. The product received favorable evaluations from the Life Insurance Association’s New Product Review Committee for applying ‘optimal disclosure questions’ per product, enabling the calculation of the most optimized premium based on individual medical history.

The automation of the essential medical history disclosure section during insurance enrollment, allowing it to be completed with a single identity verification, was also highly praised for enhancing subscription convenience. Since personalized premiums are calculated and enrollment proceeds without underwriting or rejection, there is no cumbersome additional disclosure or document submission during the subscription process. Limited use of personal information also helps prevent customer harm such as violations of disclosure obligations.

Rina Life was the first to introduce dental insurance to the domestic insurance market. Subsequently, it also launched products targeting the elderly and those with pre-existing conditions for the first time, significantly expanding the scope of the insurance market and customer coverage benefits. Recently, it became an innovative company leading the development of insurance products by being the first to launch home care riders and targeted anticancer treatment riders, which have become mainstream in cancer insurance, and obtaining exclusive usage rights.

Lee Seung-yong, Executive Director of Rina Life Insurance Customer Solutions Headquarters, said, “We are pleased that our company’s efforts and considerations for advancing insurance products have been recognized,” adding, “As our slogan ‘Focusing only on you’ suggests, we will provide a special insurance experience that only Rina Life can offer.”

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