[Asia Economy Reporter Changhwan Lee] DB Insurance announced on the 8th that its new product commemorating the 60th anniversary of its founding, "Simple Health Insurance Tailored to Me," launched on the 1st of last month, has obtained a 6-month exclusive usage right.
The New Product Review Committee of the General Insurance Association highly evaluated the originality and usefulness of the five integrated simple notification structures embedded in the product and the accident-free contract conversion feature.
The newly granted exclusive right for the "five integrated simple notification structures" allows the presentation of reasonable premiums precisely tailored to the customer's hospitalization and surgery history from 1 to 5 years. By combining five questionnaires into one product, the time required for subscription has been drastically reduced.
Through the "accident-free contract conversion," if the customer has no additional hospitalization or surgery history after subscription, the benefit of converting the contract to a cheaper premium upon the customer's request is also provided.
Typically, for simple insurance products currently on sale, if the health condition improves, the existing contract must be canceled and a new contract signed. In this case, insurance companies generally operate a 90-day non-coverage period and a one-year reduced benefit payment period to minimize risk.
DB Insurance's new product minimizes coverage gaps through the "accident-free contract conversion" and plans to actively encourage conversion by notifying customers more than twice a year via written documents, phone calls, and text messages.
A DB Insurance official said, "This new product is our company's 60th anniversary commemorative product, thoroughly prepared over a year from the perspective of customer satisfaction," adding, "We expect to provide various coverage benefits including injury, illness, and liability with reasonable premiums to as many elderly and customers with pre-existing conditions as possible."
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