The Life Insurance Association announced on the 31st that it is providing a new product unveiling series on its YouTube channel, introducing new products from life insurance companies that have obtained the so-called "exclusive usage rights," a patent in the life insurance industry.
Exclusive usage rights are a patent right introduced in the insurance industry since 2002. Life insurance companies granted exclusive usage rights receive exclusive sales rights for the respective product for a certain period.
The Life Insurance Association's new product unveiling series is content that introduces original and innovative new products from life insurance companies, aligned with the latest trends such as advances in medical technology and consumer needs.
The series covers basic insurance concepts and features product developers from the life insurance companies who actually developed the products, introducing the development background and key features. Since its first release in April last year, eight new products were introduced last year alone. This year, videos introducing new products that have obtained exclusive usage rights will continue to be uploaded, including Samsung Life Insurance's "Happiness Plus Pension Insurance" with a guaranteed minimum fixed interest accumulation option; Mirae Asset Life Insurance's "Benefit Non-Hereditary Genetic Test Coverage Rider" and "Benefit Specific Cancer Side Effect Treatment Drug Coverage Rider," which guarantee the latest medical technologies; and LINA Life Insurance's "Dynamic Health OK Insurance," which proposes optimal premiums tailored to the customer's health condition.
The Life Insurance Association is currently promoting the extension of the exclusive usage rights protection period (minimum period from 3 to 6 months, maximum period from 12 to 18 months), as discussed at the insurance reform meeting hosted by the Financial Services Commission on the 26th of last month. Taking this opportunity, efforts will continue to strengthen external review members and improve evaluation criteria to ensure fair and objective assessments.
A representative of the Life Insurance Association stated, "We will continue to produce video content that meets the demands of consumers and member companies."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
