The insurance supermarket will work like an Internet shopping site handling most products provided by insurance firms at lower prices. (image: Korea Bizwire)
SEOUL, May 19 (Korea Bizwire) — One stop insurance supermarkets selling various insurance products like automobile, health and savings insurance online will begin service in September.
The Financial Services Commission (FSC) announced that the new service enabling financial consumers to compare various insurance products in one place and to purchase best of breed products online will be launched soon.”
Currently, online insurance purchase is limited to the webpages of individual insurance companies, making it impossible to directly compare products from multiple companies.
To address this weakness, the insurance supermarket will work like an Internet shopping site handling most products provided by insurance firms at lower prices.
The FSC will limit insurance products to car insurance, health cost coverage insurance and savings insurance, which are comparatively simple, rather than trading large sums of money in the initial stages.
According to the FSC, the launch of insurance supermarkets is related to the planned introduction of independent financial advisory schemes.
“Independent” financial advisors, as the name suggests, are not affiliated with any financial investment firms and dispense advice without being beholden to any financial interest.
By Kevin Lee (kevinlee@koreabizwire.com)
