Way Out
Insurers’ attraction of foreign patients is expected to pick up speed, as new Korea Life Insurance Association Chairman Lee Su-chang declared that he would help them create new business opportunities by attracting patients from abroad. At the same time, the government is planning to relax some regulations in the industry.
Under the circumstances, insurers are looking to form partnerships with major Korean hospitals. At present, brokers are dominating the attraction of such patients, and the medical community has expressed their discontent with the current situation that has resulted in a number of medical accidents and excessive commissions.
The government and the Financial Services Commission, on their part, are positive about the new type of business. However, it is prohibited under the current law, because qualified insurance companies would be able to raise the quality of their marketing compared to that of the campaigns carried out by individual medical institutions and small firms.
At the same time, the industry sector is working on partnerships with insurers in advanced countries so that foreign hospitals can help those in Korea develop their weaker parts. “We are internally discussing many ideas concerning the attraction of foreign patients though this is at its early stage yet,” Samsung Life Insurance explained, adding, “The entire industry needs to make joint efforts with few promising new businesses found in the sector.”