Developing a management index for estimating and managing excess medical expenses for ordinary patients
The development of a risk assessment model that can predict the scale of damage caused by infectious diseases such as the novel coronavirus infection (Corona 19) and the development of infectious diseases response insurance products is being promoted.
As insurance products against infectious diseases,’Corporate Suspension Insurance’ will be developed, which guarantees damage caused by business interruption of companies.
On the 1st, the Korea Insurance Development Institute unveiled this year’s business plan with these details.
The Korea Insurance Development Institute said, “It is expected that this will increase the social responsibility of the insurance industry by preserving losses from infectious diseases and disaster risks in difficult times due to a pandemic (a global pandemic), and this will serve as an opportunity for the insurance industry to grow to the next level.” .
In addition, the Korea Insurance Development Institute supports the development of new products for fintech combined automobile insurance (cargo and delivery two-wheeled vehicle on-off insurance) and new products that cover personal transportation such as electric vehicles, self-driving vehicles, and electric scooters.
In particular, in order to respond to the increase in electric vehicles, the company plans to investigate new risks such as special contracts related to electric vehicle charging devices, and review the current electric vehicle special rates and vehicle classification appropriateness.
The Korea Insurance Development Institute said, “The change in the automobile insurance environment is accelerating, such as the increase in electric and hydrogen vehicles, the release of autonomous vehicles (3rd stage), and the strengthening of driving standards for personal vehicles (requiring a two-wheeled vehicle license) are accelerating. There are aspects that are fundamentally difficult to respond to,” he pointed out.
In addition, the utilization of the compensation service of the’Automobile Repair Cost Online Service System (AOS Alpha)’ will be strengthened.
It plans to improve user convenience by developing automatic recognition of user wages and photo management functions requested by the insurance industry.
By establishing a comprehensive information system for disaster safety insurance, the management of non-subscribers operated by each department will be systematized, and the’ARK System’ jointly developed and operated by nine insurance companies will be launched into a universal solution.
In addition, the Korea Insurance Development Institute plans to actively support strengthening management of automobile insurance, etc.
The plan is to develop a’over-treatment management indicator’ that estimates the amount of excessive medical expenses for minor patients, which is the main cause of the deterioration of the auto insurance loss ratio, and presents statistically appropriate levels of medical expenses and treatment periods as an indicator.
In addition, it plans to provide an’injury risk analysis report for passengers’ so that an appropriate insurance premium can be claimed in case of a minor accident.
/yunhap news