"Essential to Utilize Health Data for Innovation in Non-Life Insurance"

Korean Insurers Association, Seminar on 'Innovation Strategies for the Insurance Industry in the Data Economy Era'

[Image source=Yonhap News]

[Asia Economy Reporter Oh Hyung-gil] In the era of the data economy, there have been calls to innovate the insurance industry by utilizing public healthcare data.

At a seminar held on the 25th by the General Insurance Association of Korea, Korea University Technology Law Policy Center, and Seoul National University Financial Economics Research Institute Health Finance Research Center on the theme of "Innovation Measures for the Insurance Industry in the Data Economy Era," Professor Hong Seok-cheol of Seoul National University stated, "To overcome the challenges faced by the non-life insurance industry, it is essential to develop services that enhance consumer benefits such as healthcare," adding, "Understanding consumer health demands and health assessment are key elements, and especially the use of health data is necessary."

Professor Hong continued, "Until recently, there was a prevalent negative view on the use of public data by private insurance companies, particularly concerns about non-public interest uses such as exclusion of those with pre-existing conditions and marketing purposes," emphasizing, "however, the public interest of utilizing public health data is sufficient, and if the positive functions of private health insurance such as indemnity insurance are strengthened based on data, it will lead to desirable medical use and contribute to the stable operation of the National Health Insurance."

On the same day, Professor Gye In-guk of Korea University suggested, "Current medical-related laws aim to balance information protection and utilization in line with the ideology and direction of the Personal Information Protection Act," and proposed, "Medical public institutions holding public health care data need to establish specific and reasonable criteria regarding the scope of data applicants."

Deputy Director Lee Dong-yeop of the Financial Services Commission agreed, stating, "Through data utilization, it will be possible to expand insurance coverage for health risk groups such as chronic patients and those with pre-existing conditions by developing insurance products, and enhance consumer choice through product diversification."

Jung Ji-won, Chairman of the General Insurance Association of Korea, said, "To faithfully fulfill the inherent role of non-life insurance and its role as a social safety net, the use of public health care data is necessary," adding, "we will strive to present exemplary cases of data utilization such as digital healthcare services in the non-life insurance industry."