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Seoul to Introduce Citizen’s Safety Insurance That Covers All Citizens

Seoul to Introduce Citizen’s Safety Insurance That Covers All Citizens

SEOUL, Oct. 4 (Korea Bizwire) — The Seoul Metropolitan Government announced on Thursday that it will introduce a Citizen’s Safety Insurance policy which will disburse as much as 10 million won (US$8,300) to victims of various accidents starting next year. The city government will be in charge of signing an insurance contract with an insurance [...]

Insurance Policy-linked Loans Rise amid Economic Slowdown

Insurance Policy-linked Loans Rise amid Economic Slowdown

SEOUL, Sept. 25 (Korea Bizwire) — Insurance policy-backed loans grew more than 20 percent over the past three years, data showed Wednesday, indicating that more people took out loans despite the risk of canceling insurance schemes before maturity amid a slowing economy. According to the data compiled by the Financial Supervisory Service, insurers’ outstanding policy [...]

Experts Anticipate Boom in Pet Insurance Market Following Stricter Animal Registration Policies

Experts Anticipate Boom in Pet Insurance Market Following Stricter Animal Registration Policies

SEOUL, Sept. 18 (Korea Bizwire) — Following an announcement from the government that animal registration policy will be subject to stricter implementation, experts are anticipating an increase in demand for pet insurance. The Ministry of Agriculture, Food and Rural Affairs announced on Tuesday that it will come up with stricter animal-related regulations to ensure implementation [...]

Xceedance and Oasis LMF Announce On-Demand Catastrophe Modelling Services

Xceedance and Oasis LMF Announce On-Demand Catastrophe Modelling Services

LONDON, Sept. 8 (Korea Bizwire) — Xceedance, a global provider of insurance consulting, managed services, technology, data sciences, and blockchain solutions, announces the availability of On-Demand Catastrophe Modelling Services, using the Oasis Loss Modelling Framework (Oasis LMF). The offering comprises several global and regional catastrophe modelling companies that implement models on the Oasis platform. It [...]

Innovative Pet Insurance Plan Offers Point System for Health Goals

Innovative Pet Insurance Plan Offers Point System for Health Goals

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 [...]

Blue Zebra Insurance Deploys the MGA Agility Suite from Xceedance

Blue Zebra Insurance Deploys the MGA Agility Suite from Xceedance

BOSTON, Jun. 3 (Korea Bizwire) — Xceedance, a global provider of insurance consulting, managed services, technology, data sciences, and blockchain solutions, today announced that Blue Zebra Insurance (Blue Zebra) has successfully deployed the company’s MGA Agility Suite to modernize policy lifecycle management processes. Blue Zebra required a flexible insurtech platform with modern functionality to compete [...]

Insurtech Used to Offer Insurance Discounts Based on Client Performance

Insurtech Used to Offer Insurance Discounts Based on Client Performance

SEOUL, May 22 (Korea Bizwire) — Insurtech, a combination of insurance and technology, is known as an underdeveloped sector despite its potential. The Financial Supervisory Service (FSS), in its analysis on how Internet of Things (IoT), big data, artificial intelligence (AI), blockchain, and other new technologies are being used in the South Korean insurance market, [...]

Insurance Companies Develop ‘Mini Plans’ to Attract Young Customers

Insurance Companies Develop ‘Mini Plans’ to Attract Young Customers

SEOUL, Feb. 27 (Korea Bizwire) — South Korean health insurance companies are coming up with ‘mini insurance plans’ to attract customers in their 20s to 40s. Mini insurance plans allow customers to select specific levels of protection at affordable prices of less than 10,000 won (US$8.95) per month. KB Insurance Co. announced on Tuesday that [...]

New Service Offers Immediate Insurance Reimbursements for Veterinary Care

New Service Offers Immediate Insurance Reimbursements for Veterinary Care

SEOUL, Jan. 24 (Korea Bizwire) — Beginning in May, those with pets will be able to make an insurance claim with an animal insurance company immediately after receiving animal care. Sung Dae-kyu, the head of the Korea Insurance Development Institute (KIDI), said at a press conference Wednesday that the ‘Pet Insurance Claims Online Processing System’ [...]