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Report Says Korea Should Look to UK for Autonomous Car Insurance Model

Report Says Korea Should Look to UK for Autonomous Car Insurance Model

SEOUL, March 20 (Korea Bizwire) – One of the industries that self-driving vehicles will reshape is the insurance sector, and the question of who should take responsibility in the event of an accident is still being debated in several countries, including South Korea, where autonomous vehicles are just starting to be introduced to the market. [...]

Shinhan Bank Abolishes Paper Forms to Boost Productivity

Shinhan Bank Abolishes Paper Forms to Boost Productivity

SEOUL, March 13 (Korea Bizwire) –  South Korea’s largest financial institution, Shinhan Bank, is scrapping paper forms, and instead, going digital in an all-out effort to raise productivity. From today, all Shinhan branches will provide most banking services digitally, including applications for accounts and credit cards. Shinhan’s bold move to replace paper with digital counterparts [...]

ABS Issuance Dips 27 Pct in 2016 on Weak Property Market

ABS Issuance Dips 27 Pct in 2016 on Weak Property Market

SEOUL, March 7 (Korea Bizwire) – The issuance of asset-backed securities (ABS) in South Korea tumbled nearly 27 percent in 2016 from a year earlier as the local property market remained sluggish, data showed Tuesday.  The amount of ABS issues totaled 60.7 trillion won (US$52.6 billion) last year, down 26.8 percent from the previous year, [...]

Top Life Insurers Bow to Regulators over Suicide Claims

Top Life Insurers Bow to Regulators over Suicide Claims

SEOUL, March 2 (Korea Bizwire) – South Korea’s top-three life insurers – Samsung, Hanwha and Kyobo – have decided to pay all overdue suicide claims, giving in to regulators’ punitive steps, industry officials said Thursday.  Samsung will pay a total of 174 billion won (US$152 million) in respect of its policyholders who committed suicide on [...]

3 Insurers Ordered to Halt Some Operations over Unpaid Suicide Insurance Benefits

3 Insurers Ordered to Halt Some Operations over Unpaid Suicide Insurance Benefits

SEOUL, Feb. 23 (Korea Bizwire) – South Korea’s financial regulator on Thursday ordered three insurance firms to halt some of their operations as a punitive measure over their overdue suicide insurance benefits.  The three insurers — Samsung Life Insurance, Hanwha Life Insurance and Kyobo Life Insurance — have been criticized for failing to pay out [...]

Social Commerce Company Launches Comparison Website for Financial Products

Social Commerce Company Launches Comparison Website for Financial Products

SEOUL, Feb. 8 (Korea Bizwire) – Ticket Monster, South Korea’s leading social commerce company, announced Tuesday the  launch of a comparative website dubbed T-Mon Finance Mall (translated), which allows customers to compare some 5,800 on and offline financial products from 220 companies.  The products available include credit cards, insurance, loans, bank accounts, installment savings, and [...]

Digital Disruption Sweeps Through Korean Banking Industry

Digital Disruption Sweeps Through Korean Banking Industry

SEOUL, January 30 (Korea Bizwire) – Digital disruption and cutthroat competition are shaking up the banking industry, with thousands of employees making the transition away from financial services jobs that were long considered as some of the most lucrative in Korea. The emergence of the fintech revolution leaves the prospects for the banking industry uncertain. [...]

Consumers Increasingly Comfortable Buying Insurance Products Online

Consumers Increasingly Comfortable Buying Insurance Products Online

SEOUL, Jan. 30 (Korea Bizwire) – The sales of non-life insurance products via the Internet soared last year, as local insurance firms rushed to roll out cheap and online-only products to woo customers, data showed Monday. According to the General Insurance Association of Korea, local non-life insurance companies raised a total of 1.4 trillion won [...]

S. Korea to Revise Health Insurance System to Relieve Burden on Low-Income People

S. Korea to Revise Health Insurance System to Relieve Burden on Low-Income People

SEOUL, Jan. 23 (Korea Bizwire) – South Korea is pushing to revise its national health insurance program to halve the fees for low income earners in an effort to make health care more affordable, officials said Monday.  The Ministry of Health and Welfare released a revision to the national health insurance system, subject to parliamentary [...]