GIAK Conducts Joint Campaign with 3 Other Entities to Uproot Insurance Cheating
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GIAK Conducts Joint Campaign with 3 Other Entities to Uproot Insurance Cheating
Campaign is designed to raise the understanding of the seriousness and damage of insurance cheating

16(Thu), Nov, 2023




Seoul Mayor Oh Se-hoon, Chairman Lee Bok-hyun of the Financial Supervisory Service, Chairman Jung Ji-won of the Social Contribution Consultation Committee of the General Insurance Association of Korea (GIAK), and presents of 14 general insurance companies attend a ceremony in which GIAKJ’s committee signed an MOU with the Seoul Metropolitan Government to offer 4 billion won by 2026 to tide over a low-birth crisis on Aug. 24. (Photo: Seoul Metropolitan Government)


Korean National Police Agency (KNPA), Financial Services Commission (FSC), General Insurance Association of Korea (GIAK) and Korea Life Insurance Association (KLIA) have jointly produced a publicity advertising campaign parodying the films “Parasite” and “Decision to Leave.”

This joint initiative is designed to raise the understanding of the seriousness and damage of insurance cheating among consumers through the publicly recognized films. 

The publicity video imprinted the negative images of insurance cheaters by comparing them to parasites, which nibble away insurance money, by parodying of the film “Parasite.” 

The video is expected to be streamed through outside advertising boards on bus and subways in major areas with many floating population across the nation and related institutions’ YouTube and Instagram channels. 

A wrapped advertising campaign, parodying the film “Decision to Leave,” will be launched in the elevators of buildings in which insurance company and large-sized financial product sales outlets are accommodated, and are frequented by insurance providers. 

Figures, released by FSC, showed that insurance compensation money involved in insurance cheating topped 1 trillion won last year, a record figure, and is on the rise every year. 

Insurance cheating cases involved in serious crimes, as well as general insurance fraud involving people in their 20s and the elderly, have increased. 

The National Assembly Policy Committee is seeking the approval of a special act on insurance cheating, with the legislation subcommittee approving part of a revision bill on the special act on the preventing of insurance cheating in July. 

KNPA, FSC, GIAK and KLIA said if the special act on the preventing of insurance cheating is approved by the National Assembly, they will publicize it so everyone can get a better understanding of the revision. 


GIAK’s Social Contribution Consultation Comm. Strikes MOU with SMG to Overcome Low-Birth

The Social Contribution Consultation Committee of the General Insurance Association of Korea (GIAK) signed an MOU with the Seoul Metropolitan Government to tide over the country’s low birthrate crisis on Aug. 24. 

The committee is a consultative body designed to put to practice GIAK’s social responsibilities and invigorate its social contribution activities. 

It consists of GIAK and presidents of 19 other general insurance companies. 

Under the deal, the Social Contribution Consultation Committee is expected to join a drive to reverse the low birthrate by offering a combined 4 billion won by 2026 to SMG projects to assist female egg freezing operating costs and fetus insurance policies.

The project to assist egg freezing costs calls for financial aid of 2 million won per person in Seoul, who undergoes an egg freezing operation from September. 

Multiple babies, caused by rising IVF treatments, will be insured free of charge to compensate against unexpected diseases and accidents. 

The project is expected to be implemented by the Seoul Foundation of Women and Family. 

Chairman Jung Ji-won of the Social Contribution Consultation Committee of the General Insurance Association of Korea (GIAK) said, “I consider it significant that the deal serves as an opportunity to contribute to overcoming the low birthrate crisis and sustainable development of our society.” 

He expressed hope that the social contribution projects will contribute to promoting the happiness of many families, and the general insurance circles will be committed to fulfilling their social responsibilities, and fulfilling the roles of shared growth finance. 

A singing ceremony took place the attendance of GIAK Chairman Jung, Seoul Mayor Oh Se-hoon, and presidents of 14 general insurance companies. 

Chairman Lee Bok-hyun of the Financial Supervisory Service was also present to celebrate the insurance industry’s practicing of shared growth finance. 

   
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