Jeong Eun-bo (pictured), head of the Financial Supervisory Service, said on the 25th that insurance companies would allow a wide range of subsidiary ownership and ancillary business through asset management and health care activation. It is interpreted as a will to cooperate so that existing insurance companies can find new growth engines, conscious of big tech’s advance into the insurance industry, such as Kakao Insurance, which is expected to be launched early next year.
Director Jung attended a meeting with the CEO of a life insurance company held at the Millennium Hilton Seoul Hotel on the same day and said, “For asset management and health care activation, insurance companies widely own subsidiaries and engage in incidental business, and make video calls in line with the acceleration of digital transformation. We will advance related regulations to enable insurance solicitation using new digital technologies such as chatbots and chatbots.”
Director Jeong also emphasized that he will conduct preliminary inspections of insurance companies and strengthen autonomous internal control, and prevent Big Tech from becoming a slanted playground in the context of the same regulations in response to advances in the insurance industry. He said, “In response to Big Tech’s entry into the insurance industry, we will establish a timely and balanced system of discipline so that there is no risk of consumer harm and fair competition under the principle of ‘same function, same regulation’. We will also promote the improvement of the system related to medical and medical advice,” he said.
Director Jung also stated that he would focus on preventing consumer damage throughout the entire process from insurance product development, insurance solicitation, and insurance payment. “We will prevent unhealthy business practices by enhancing the role and effectiveness of the insurance company’s own product committee in the insurance product development stage, and by detecting and improving the vulnerable factors in consumer protection in the insurance solicitation stage,” he said. To this end, the FSS plans to establish a consumer protection monitoring system (CPMS) to analyze indicators such as the complaint rate, incomplete sales rate, and maintenance rate, and identify vulnerable areas.
On the other hand, according to the ‘Insurance Company Management Performance (Provisional) for January-September 2021’ released by the Financial Supervisory Service on the same day, the net profit of insurance companies in the third quarter of this year was 7.63 trillion won, an increase of 2.73.1 trillion won (37.3%) from the same period of the previous year. . The net profit of life insurers was 3.69 trillion won, up 557.3 billion won (17.8%) from the same period last year. Non-life insurance companies posted a net profit of 3.939 trillion won, an increase of 1.55.8 billion won (62.6%) compared to the same period last year.
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