Shin Yong-gil, President of the Life Insurance Association, "We Will Promote Information Sharing Between National Health Insurance and Private Insurance"

Announcement of the Four Major Core Business Plans for This Year on the 20th

[Asia Economy Reporter Ki Ha-young] The life insurance industry is promoting information sharing between the National Health Insurance and private insurance, taking advantage of the revision of the 'Data 3 Laws (Personal Information Protection Act, Credit Information Act, and Information and Communications Network Act)'.

The Life Insurance Association announced its 2020 four major core business plans on the 20th, centered on this content. The four major core businesses are ▲ responding to low interest rates and accounting system changes ▲ supporting information sharing between public and private insurance and revitalizing healthcare ▲ improving the management environment through resolving current issues and system improvements ▲ restoring consumer trust and reducing complaints.

The Life Insurance Association plans to form a consultative body involving member companies and related organizations to prepare a 'Mid- to Long-term Roadmap for Public and Private Insurance Information Sharing' to facilitate information sharing between the National Health Insurance and private insurance. By sharing disease information and others between public and private insurance, the National Health Insurance can efficiently manage non-reimbursable items, private insurance can develop customer-tailored insurance products, and consumers can reduce insurance premiums.

Furthermore, they decided to propose revisions to the Ministry of Health and Welfare guidelines to expand the permissible scope and cases of non-medical acts that can be utilized for healthcare.

The Life Insurance Association plans to support the passage of a bill in the National Assembly that raises the overseas investment limit, currently restricted to within 30% of the total assets of insurance companies, to 50%. The insurance industry has argued that due to the limited supply of domestic long-term bonds, overseas long-term bond investment is inevitable, and such limit regulations have caused difficulties in asset management.

Along with this, they intend to persuade the National Assembly and authorities to revise the 'Special Act on the Prevention of Insurance Fraud' so that insurance fraud investigations can be activated through information sharing with related organizations, and insurance contracts of confirmed insurance fraud offenders can be canceled and insurance payments recovered.

Regarding non-reimbursable items, which are the main cause of rising loss ratios, they plan to investigate non-reimbursable items that induce false or excessive medical acts and propose system improvements to the Ministry of Health and Welfare and others. To enhance the fairness of medical consultations conducted in cases of insurance payment disputes, they will expand the signing of business agreements with major professional medical societies.

Shin Yong-gil, chairman of the Life Insurance Association, emphasized, "The internal and external environment of the life insurance industry is difficult, and many urgent issues remain," but added, "We will focus more on the role of the association for the life insurance industry and resolve these issues to turn the crisis into an opportunity for greater leap forward."