Korea: AIA Life and Hyundai Life come out tops in independent study
Source: Asia Insurance Review | Jun 2015
AIA Life and Hyundai Life have been named as the insurance companies that provide the most comprehensible insurance contracts in Korea, according to the Korea Insurance Development Institute (KIDI).
The Institute assessed contracts from 24 insurance companies in terms of their clarity, comprehensibility and brevity.
AIA Life and Hyundai Life were the only two insurance companies to earn more than 80 points on the 100-point scale, reported Korea Bizwire.
Among non-life insurance companies, Hyundai Marine & Fire Insurance and AIG Korea Insurance earned between 70 and 80 points.
However, about 10 life insurance companies were found to be offering poorly written, complex contracts, as they earned less than 60 points. In the non-life sector, five insurers received less than 60 points. The Institute explained that several companies received low scores due to their failure to provide additional documentation explaining difficult terms, although the companies did earn good scores for brevity.