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 [...]
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 [...]
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 [...]
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. [...]
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 [...]
CHEONGJU, South Korea, Jan. 25 (Korea Bizwire) – The Korean Lunar New Year holiday starts Friday, and it usually means good news for children and young adults who visit their grandparents, aunts, and uncles for a bow in exchange for “lucky money”, cash gifts handed out as a token for a fruitful New Year. A [...]
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 [...]
SEOUL, Jan. 18 (Korea Bizwire) – Yes, you can get reimbursed for damaged banknotes, but it depends on the extent of the damage. The Bank of Korea and other commercial banks in South Korea currently replace damaged banknotes and coins with new bills only if they meet certain criteria. In 2016, 1.89 billion won ($1.62 [...]
SEOUL, Jan. 2 (Korea Bizwire) – Starting Monday, consumers will have more options available when they search for car insurance on Boheom Damoa (e-insmarket.or.kr), a comparison website for various insurance products (including car, health, travel, etc.). According to the Financial Services Commission, the website, which in the past only allowed insurance premium comparisons for domestic [...]
SEOUL, Dec. 26 (Korea Bizwire) – The implementation of flextime – a workplace arrangement that allows employees to choose their working hours – is quickly expanding across the local banking industry. KB Kookmin Bank currently has 45 branches that have adopted a flextime system, allowing employees to delay their work hours by an hour or [...]