The financial services commission in south korea is in the process of drafting a policy framework to enhance the sale of insurance on digital platforms. The FSC moves is geared towards the expansion of customer access to digitalized financial products including micro insurance. It is expected that if the regulator pushes through with this policy, more platform operators will attempt to offer insurance services, while traditional insurance companies will seek business partnerships with digital platforms. There is no doubt, that the entry of digital platform operators into the local insurance market will induce market competition and greater consumer choice of insurance products. The move from the FSC comes following reports that the market for digital non-life insurance products is expected to grow especially travel insurance. A recent report shows that travel insurance customers prefers a process that is simple, easy and fast.
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