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New AI System Estimates Vehicle Repair Costs After Accidents

New AI System Estimates Vehicle Repair Costs After Accidents

SEOUL, Jan. 8 (Korea Bizwire) — The Korea Insurance Development Institute announced on January 7 that it has started developing a new assessment tool called ‘Automobile Repair Cost On-line Service-α’ (AOS-α). The system’s artificial intelligence (AI) will estimate vehicle repair costs by analyzing pictures of car wrecks caused by traffic accidents. The institute is planning [...]

Medibio Signs Insurance Company AIA Australia Ltd (AIAA) for an Exclusive Pilot Program For ilumen™

Medibio Signs Insurance Company AIA Australia Ltd (AIAA) for an Exclusive Pilot Program For ilumen™

SYDNEY, Australia and MINNEAPOLIS, Nov. 27 (Korea Bizwire) — Medibio Limited (MEB or the Company)(ASX: MEB)(OTCQB: MDBIF), a mental health technology company announces that it has signed an exclusive agreement with AIAA to undertake a pilot program for the latest release of its corporate health program, ilumen™. AIAA is one of Australia’s leading life insurers, [...]

National Health Insurance to Cover Surgery for Severe Obesity

National Health Insurance to Cover Surgery for Severe Obesity

SEOUL, Nov. 13 (Korea Bizwire) — The national health insurance plan will begin covering surgery for severe obesity starting in January. Once the coverage is in effect, patients will only have to disburse 1.5 million to 2 million won for surgical procedures that typically cost from 7 million to 10 million won. The Ministry of [...]

Individuals No Longer Required to Disclose Disabilities to Qualify for Insurance

Individuals No Longer Required to Disclose Disabilities to Qualify for Insurance

SEOUL, Sept. 13 (Korea Bizwire) — Starting October 1, new insurance subscribers no longer need to reveal their disabilities, so as to ensure fair conditions for the physically challenged people who want to purchase insurance policies. According to the Financial Supervisory Service, the previous provision that required insurance plan seekers to notify insurance companies of any [...]

Regulator to Require Home Shopping Channels to Spell Out Insurance Products

Regulator to Require Home Shopping Channels to Spell Out Insurance Products

SEOUL, Sept. 11 (Korea Bizwire) — The financial watchdog said Tuesday it will require home shopping channels to spell out insurance and annuity products, in a move that would make it easier for consumers to understand terms and conditions of a contract. Under the move, home shopping channels will be required to use larger text [...]

New Insurance Polices Offer “More Discounts, the More Steps You Take”

New Insurance Polices Offer “More Discounts, the More Steps You Take”

SEOUL, Sept. 3 (Korea Bizwire) — A series of new insurance coverage plans that offer additional discounts for health-conscious walking enthusiasts have been launched recently. Heungkuk Life Insurance Co. revealed today that it was offering a plan titled “Vari-Good” that refunds a maximum of 10 percent of a subscriber’s insurance premium depending on the distance [...]

Insurance Policy Covering Pre-existing Conditions a Hit Among the Elderly

Insurance Policy Covering Pre-existing Conditions a Hit Among the Elderly

SEOUL, May 9 (Korea Bizwire) — An insurance policy that covers individuals with current illness, regardless of its gravity, and former patients with previous treatment records has reached over 50,000 subscriptions within a month of its release. According to research results announced by the Financial Service Commission yesterday, seven insurance companies sold a total of [...]

FSS Reveals 3 Task Force Measures

FSS Reveals 3 Task Force Measures

SEOUL, Apr. 26 (Korea Bizwire) — Telemarketers selling insurance over the phone will now have to pace their explanations at a certain speed to ensure consumer protection, one of many other new measures crafted by the Financial Supervisory Service (FSS). The FSS, drawing upon the expertise of external professionals to identify 177 specific tasks, created [...]

Sales of Private Insurance Plans Drop Amid Crackdown on Misleading TV Advertising

Sales of Private Insurance Plans Drop Amid Crackdown on Misleading TV Advertising

SEOUL, June 21 (Korea Bizwire) – New regulations targeting insurance packages sold on shopping channels have seen fewer customers misled by false advertising. The Korea Life Insurance Association said on Tuesday that the measures implemented to counter misleading advertising introduced last year have helped curb what are widely known in South Korea as ‘incomplete sales’, a [...]