KB Insurance announced on the 4th that its driver insurance sales surged last month, ranking first in the corporate agency (GA) channel.
[Asia Economy Reporter Oh Hyung-gil] KB Insurance announced on the 4th that its driver insurance sales surged last month, ranking first in the corporate agency (GA) channel.
KB Insurance has continuously strived to strengthen product competitiveness by introducing industry-first coverage for driver insurance and adopting a premium refund structure.
In December 2018, it was the first in the industry to increase lawyer appointment fees coverage from 5 million KRW to 20 million KRW, and in June 2019, it introduced coverage for traffic accident settlement support funds up to 100 million KRW. In March, in line with the enforcement of the 'Min-sik Act,' it quickly launched a special contract expanding automobile accident fine coverage for school zone accidents up to 30 million KRW, the fastest among non-life insurers.
Additionally, it incorporated a 'Pay-Back' feature that refunds not only insurance payments in case of premium waiver events but also the premiums paid by customers. About 75% of all driver insurance subscriptions have chosen the Pay-Back feature, reflecting strong customer interest.
In September, the lawyer appointment fee coverage for automobile accidents was expanded from a maximum of 20 million KRW to 30 million KRW, ensuring sufficient coverage even when customers receive an unfair ruling by summary order from the court and need to apply for a formal trial.
Traffic accident settlement coverage, which prepares for cases where the insured must reach a criminal settlement with the victim after causing injury to others in a car accident, has also increased the coverage limit up to 150 million KRW for fatal accidents and long-term diagnoses (diagnosis over 25 weeks).
As a result, sales in October increased by 1.5 times compared to the same month last year, and KB Insurance achieved first place in the GA channel driver insurance market with a market share of 21.5%, emerging as a new powerhouse in driver insurance.
A KB Insurance official said, "Thanks to efforts to strengthen product competitiveness, KB Insurance's driver insurance has received great love from customers in the market," adding, "KB Insurance will continue to strive to develop driver insurance that satisfies and earns the trust of customers."
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