![President Yoon Suk Yeol and first lady Kim Keon Hee hold their pet dog, Sunny. [NEWS1]](https://cdn.petnews2day.com/wp-content/uploads/2023/10/Pet-insurance-given-new-leash-of-life-with-biometric-verification.jpg?strip=all&lossy=1&quality=64&webp=50&avif=38&sharp=1&w=696&ssl=1)
President Yoon Suk Yeol and first girl Kim Keon Hee maintain their pet canine, Sunny. [NEWS1]
The Korean authorities is facilitating using pets’ biometric info to bolster the pet insurance coverage market, in response to the rise within the variety of pet homeowners.
The assist for pet insurance coverage was one in all key pledges by President Yoon Suk Yeol, who has 5 cats and 6 dogs.
The regulator will enable for pilot tasks for biometric verification subsequent yr and legislate associated rules in 2025.
The Financial Services Commission and the Ministry of Agriculture Food and Rural Affairs introduced a set of measures Monday for enhancing the pet insurance coverage system.
The authorities is reviewing the utilization of biometric identification utilizing nostril print or iris information to spice up the registration fee. Under the present system, a microchip or gadget is injected to the pet’s pores and skin or hooked up outdoors, which places many pet homeowners off.
Presently, it’s tough for insurers to specify the unregistered pets, hindering the finalization of the insurance coverage contract. The authorities is anticipating the appliance of biometric information to spice up the pet insurance coverage market with a simple verification course of.
Additionally, the federal government plans to supply an insurance coverage signing-up system, making the enrollment course of extra accessible. The pet homeowners can signal the insurance coverage at veterinary clinics, because the clinics can immediately ship the pet’s medical experiences and different paperwork to the corporate.
Following the implementation, homeowners can join long-term insurance coverage that lasts greater than three years for his or her pets on the animal clinic. Now, the pet insurance coverage final just one yr.
The Financial Services Commission stated it’s making an attempt to “make a one-stop system where owners can register, do daily checkups and sign insurance in one place.”
Plans for mandating the issuance of medical experiences are additionally put into consideration. According to the Veterinarians Act, veterinarians are usually not obliged to concern medical experiences after an animal examination. The regulatory loophole has stood as an impediment for pet keepers homeowners to assert ample insurance coverage protection.
In addition, the federal government is slated to increase the variety of insurers specializing in pet protection. Currently, 11 insurance coverage firms supply pet insurance coverage, however there aren’t any firms that completely concentrate on pets.
“[We will encourage] new entry insurers to provide various pet insurance plans and services,” the Financial Services Commission added, “similar to by permitting firms to enter the insurance coverage market that target respiratory and spinal ailments, which particular breeds are vulnerable to.”
BY HA SU-YOUNG [[email protected]]
