In order to attain the vitalization of pet insurance, which is one of the important national agendas of the current administration, the financial authorities prepared the “Plan to Improve the Pet Insurance System for Vitalization of Pet Insurance.” This plan includes the establishment of infrastructure for veterinary services, provision of one-stop services through affiliation and connection between veterinary clinics and insurance companies, development of customized products, and allowing the establishment of insurance companies specializing in pet insurance. The key details are as follows.
|
A. |
Establishment of Insurance Infrastructure Related to Animal Medical Care |
-
Method of and eligibility for subscription: Allow simplified subscription through pets’ biometric information (e.g., nose prints, iris, etc.), and expand the scope of pets subject to mandatory registration from companion dogs to companion cats.
-
Medical records: Promote the amendment of the Veterinarians Act to make it mandatory for veterinary clinics to issue documents evidencing medical records and medical fees upon request by consumers.
-
Medical specialties: Require veterinary clinics to publicly notify key medical fees for treatments with high frequency (e.g., medical examination, hospitalization, X-ray examination, vaccination, etc.), and promote the standardization of 100 medical specialties with high frequency (e.g., otitis externa, neutering surgery, eye inflammation, etc.).
-
Collaboration system: Prepare a collaboration system for discussions between insurance companies and the veterinary industry on standards for veterinary services and payment, data sharing, and the simplification of claim procedures.
|
B. |
Improvement of Consumer Convenience in Subscription for Pet Insurance, Insurance Claims, and Healthcare Services |
-
Subscription for insurance policies: Expand the scope of pet insurance products so that veterinary clinics, pet shops, etc. may sell such products as add-on insurance agents in order to improve the convenience of consumers.
-
Simplified claims: Establish an electronic system that enables veterinary clinics to send medical records and claim documents to insurance companies upon request by consumers.
-
Healthcare service: Allow insurance companies to provide services related to pet insurance, such as health promotion and care programs for pets through connection between affiliated veterinary clinics, pet shops, etc.
|
C. |
Development of Customized Products for Pet Insurance |
-
Improvement of product structure: Allow the diversification of the scope of coverage and insurance premium in consideration of each pet’s age, characteristics of the species, characteristics of the disease, etc., in order to meet consumer demand.
|
– |
Improve product structure to allow consumers to select the scope of coverage from medical fees for general practice to serious illnesses such as cancer, heart surgery, etc. |
|
– |
Develop products with lower insurance premiums in accordance with the simplification of the coverage scope, such as essential medical treatment and surgeries. |
-
Development of new products: While preparing for measures to prevent overtreatment, develop new insurance products that lower the insurance premiums for consumers who visit veterinary clinics affiliated with insurance companies.
|
D. |
Allowing the Entry of Insurance Companies Specializing in Pets (Second Half of 2023) |
-
Allow the entry of insurance companies specializing in pets in order to provide differentiated products and services related to pet insurance.
The above plan for improvement is to be implemented progressively by task, and in cooperation with relevant ministries such as the Ministry of Agriculture, Food and Rural Affairs, veterinary clinics, and the insurance industry.
Related Topics
