Lee Byung-rae, Chairman of the Korea Non-Life Insurance Association, "Will Resolve Structural Issues in Indemnity and Car Insurance"

Lee Byung-rae, Chairman of the Korea Non-Life Insurance Association, emphasized that he must take the lead in resolving the structural problems of indemnity medical insurance and automobile insurance.

In his New Year's address on the 31st, Chairman Lee stated, "We need to rationally reform indemnity insurance and strengthen management of non-severe excessive non-reimbursable items through discussions by the Special Committee on Medical Reform."

Chairman Lee said that in the new year of the Eulsa year, he will focus his capabilities on three key tasks: strengthening internal capabilities, innovative growth, and restoring trust. He said, "The domestic and international situation is unstable, with economic recession and increased volatility in financial markets, creating uncertainty surrounding the insurance industry. At times like this, we must focus on establishing sound management within insurance companies through thorough risk inspections and laying the foundation for sustainable growth."

Lee Byung-rae, President of the General Insurance Association. Photo by the General Insurance Association

Chairman Lee continued, "To prevent unnecessary insurance payout leakage in automobile insurance, we must promptly prepare improvement measures for the minor injury patient system, such as future medical expenses, in consultation with relevant government departments," and added, "To eradicate increasingly organized and intelligent insurance fraud, we need to expand the infrastructure for detecting insurance fraud, including strengthening joint public-private inspections."

Chairman Lee also said that he will discover new growth engines for the non-life insurance industry to achieve innovative growth. He said, "We will support the development of products that cover risks that may arise in newly emerging mobility industries such as electric vehicles, urban air mobility (UAM), and trams," and added, "We will actively promote regulatory relaxation such as expanding subsidiaries and ancillary businesses so that linked products and services that create synergy with insurance, such as healthcare and nursing services, can be provided."

Chairman Lee also said, "We will strive to activate AI-based business by promoting the establishment of a policy foundation that enables the integration of artificial intelligence (AI) across various fields such as insurance subscription and underwriting," and added, "We plan to actively support the overseas expansion of non-life insurance companies through regulatory improvements so that they can demonstrate their capabilities in overseas markets."

Chairman Lee emphasized that he will also work hard to restore consumer trust. He said, "For sustainable growth, above all else, efforts must be made to root a consumer-centered culture throughout the insurance industry," and added, "We will establish a culture of complete sales by strengthening the order of recruitment channels, such as improving recruitment commissions and thoroughly inspecting unhealthy advertisements."