[Anchor]
Supplementary insurance is a popular type of insurance with more than three out of four Koreans having it. However, it has been revealed that a significant number of policyholders have experiences of giving up on claiming insurance benefits.
Reporter Eom, what are the reasons for policyholders giving up on their insurance benefits?
[Reporter]
According to the Korea Consumer Agency, two out of five supplementary insurance policyholders have at some point given up on claiming benefits they were entitled to after receiving medical treatment.
The Consumer Agency conducted a survey from April 18th to May 9th targeting 1500 policyholders of the top 5 insurance companies in terms of the number of contracts.
The main reason cited for giving up on claiming benefits was that the amount was small, accounting for about 80%, followed by reasons like being too busy or finding it troublesome at 35.9%.
In the past year, there were 410 individuals who had experiences of giving up on claiming small insurance benefits. On average, they gave up benefits 2.9 times, with the average forfeited amount being 13,489 won.
[Anchor]
How was the satisfaction survey results for supplementary insurance?
[Reporter]
The satisfaction level for “premium payment,” which evaluates the diversity of premium payment methods, was high. The satisfaction level for “claims payment,” which evaluates the speed of claims payment, scored 4.11 out of 5, indicating a high level of satisfaction.
On the other hand, the factor evaluating “premium level” in comparison to other companies, as well as the quality-to-price ratio, scored the lowest at 3.55.
Moreover, 20% of the survey respondents reported experiencing damages while using the supplementary insurance. The most common issue reported was “underpayment of benefits,” followed by “excessive renewal premiums” and “delay in claims payment.”
I am Eom Hae-eun from SBS Biz.