Kyobo Life Insurance Secures Six-Month Exclusive Use Right for "Kyobo K-Custom Health Insurance"

Industry’s First "Complex Underwriting Rider"
A Paradigm Shift in Health Insurance for Customers with Pre-existing Conditions
Addressing Blanket Premium Surcharges and Coverage Gaps

Kyobo Life Insurance announced on August 7 that it has obtained a six-month exclusive use right from the Korea Life Insurance Association for the "Complex Underwriting Rider," integrated into its "Kyobo K-Custom Health Insurance."

The exclusive use right is a type of patent granted by the Korea Life Insurance Association for innovative financial products. It provides a period of exclusive sales rights, during which other companies are not allowed to sell similar products, in order to protect the interests of the company that developed the new product.

The Kyobo Life Insurance Complex Underwriting Rider is an institutional rider that allows applicants to be reviewed under general underwriting for healthy areas and simplified underwriting for areas not eligible for general underwriting, all within a single policy. Through this rider, the company has established a foundation to lower unnecessary premium surcharges and close coverage gaps at the same time.

An institutional rider refers to an additional rider that is added to increase customer convenience or rights, without imposing extra premium burdens.

The New Product Review Committee of the Korea Life Insurance Association highly evaluated the originality and utility of the product, noting that it is the industry's first to break down the dichotomous structure between "general underwriting insurance" and "simplified underwriting insurance" (insurance for patients with pre-existing conditions), which was previously taken for granted, and to realize a complex underwriting-type structure.

In particular, the product was recognized for its innovation in overcoming the limitation of existing patient insurance, which previously applied the more expensive simplified underwriting premium rates uniformly to the main contract and all riders. It is designed so that customers with a history of illness can receive coverage through simplified underwriting for high-risk coverage areas without exclusions, while healthy coverage areas unrelated to their condition can be enrolled with standard premium rates without surcharges. This provides premium savings for customers and addresses even the coverage blind spots.

The product also received positive evaluations for the convenience of its enrollment process. By introducing a "one-stop disclosure process" that integrates both general and simplified underwriting, applicants can check the underwriting results for each rider simultaneously with just a single application, eliminating the need to apply multiple times.

Furthermore, by prioritizing the verification of eligibility for general underwriting at the insurance design stage through its system, Kyobo Life Insurance helps prevent unnecessary expenses that may arise unknowingly for customers and actively supports full enrollment.

This level of innovation is the result of Kyobo Life Insurance establishing a dedicated in-house task force and continuously enhancing the system company-wide for an extended period, in an effort to break the long-standing stereotype of "patients = simplified underwriting insurance."

A Kyobo Life Insurance representative said, "We are honored that our efforts to offer both affordable premiums and coverage without gaps for customers with pre-existing conditions and the elderly have been officially recognized," adding, "We will continue to be a reliable partner who protects our customers' healthy lives for a lifetime through differentiated products and services."

This content was produced with the assistance of AI translation services.