SEOUL, Jul. 26 (Korea Bizwire) — Insurance services will provide point benefits on a trial basis within this year if companion animals achieve their target health goals.
The Financial Services Commission (FSC) said Thursday it has designated five more innovative financial services, including point benefits for companion animals.
To that end, insurtech startup SmallTicket will launch a platform service by the end of this year that will offer compensation to pet caregivers that can be used at animal hospitals or exercise centers if certain conditions are met.
When one is insured, SmallTicket give basic points and additional points when companion animals achieve their target goals for health promotion activities such as vaccinations and obesity index management.
Points will be given even when insurance claims are filed below a certain level at a point when the contract runs out.
The insurance that offers points is limited to products with a system to identify animals under the Animal Protection Act, and is capped at 10,000 subscribers.
A lower insurance loss rate with the service would lead to a reduction in insurance premiums, and could also help to build a database of statistics on pet health care, the FSC noted.
Innovative financial services benefit from financial regulatory sandboxes introduced under the Special Act on Support for Financial Innovation.
The financial regulation sandbox is a system that allows new financial services to be run on a trial basis for up to four years.
D. M. Park (email@example.com)