Kyobo Life Insurance announced on the 14th that it helped customers receive insurance payouts totaling 540 billion KRW last year, which they had failed to claim in time.
Through its "Lifetime Reliable Service," Kyobo Life assists customers with coverage analysis and insurance claim submissions. Exclusive financial planners (FPs) visit customers once or twice a year to review their coverage details and help them claim any missed insurance benefits. Since its introduction in 2011 as the first of its kind in the life insurance industry, 2.01 million customers have used the service over 14 years.
Last year, Kyobo Life supported 500,000 insurance claim procedures through FP proxy submissions under the Lifetime Reliable Service. This enabled a total of 537.3 billion KRW in insurance payouts to be returned to customers. This amount accounts for 28% of Kyobo Life’s total accident insurance payouts last year.
The biggest difficulty customers face during the insurance claim process is either not knowing whether they are covered or postponing claims due to complicated document preparation. Kyobo Life’s financial planners carefully review coverage details and assist customers from document preparation to proxy submission, ensuring they receive their insurance benefits on time.
For example, a customer who recently underwent surgery did not claim insurance benefits because they were unaware that their policy covered the procedure. However, through the financial planner’s coverage review, it was confirmed that the claim was eligible, and with support for document preparation and claim procedures, the customer was able to receive the insurance payout smoothly. Another customer delayed claiming insurance benefits due to the burden of complex paperwork, but with the financial planner organizing the documents and assisting with submission, the customer was able to receive the payout easily.
Starting this year, Kyobo Life introduced the Lifetime Reliable Call guidance service to inform customers who have not used the Lifetime Reliable Service in recent years about key benefits and connect them with their assigned financial planners, further enhancing accessibility. Both face-to-face and non-face-to-face consultations are provided to improve customer convenience.
As the insurance industry recently shifts toward corporate insurance agencies (GA), Kyobo Life offers differentiated maintenance services based on its exclusive planner channel. While GA planners often face difficulties in post-contract maintenance, Kyobo Life’s exclusive financial planners provide continuous coverage reviews and customized consultations, increasing customer satisfaction.
A Kyobo Life official stated, "Through the enhanced Lifetime Reliable Service, we will further improve customer-centered coverage and asset management services. We will continue to introduce innovative services as a reliable lifelong financial partner that customers can trust."
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