SEOUL, KOREA – Korea’s life insurance industry is gravitating towards online businesses. Major Korean insurers like KDB Life and Hyundai Life have released their online insurance products while Kyobo Life Insurance Company and Hanwa Life are also making preparations to set up separate online insurance companies. Online insurance products allow customers to design and buy their own insurance policies without the help of life planners or telemarketers. Since there is no commission fee paid out to a life planner, the price of online insurance products is more competitive.
If a 35-year-old man tries to buy KDB Life’s KDB online 10-year insurance policy that guarantees insurance money of KRW 100 million, he can save KRW 4,300 per month compared to the price of its off-line version.
A KDB Life official said, “Since consumers sigh up for insurance online, the price of insurance policies is lower than that of off-line insurance products. In addition to life insurance, online child and cancer insurance products are also 20% cheaper than their off-line counterparts.”
Sean Chung (hbpark@etnews.com)
**Article provided by etnews [Korea IT News]
[Reference] : http://english.etnews.com/electronics/2715655_1303.html
