Finance

Customers can compare insurance products online

Consumers will be able to compare a variety of insurance products offered by different companies and subscribe to a suitable policy on one online platform from Nov. 30.

The Financial Services Commission said on Monday it will operate the online service, dubbed “Boheom Damoa,” later this month in order to help increase convenience for consumers who have been complaining of the complex procedures involved in subscribing to insurance policies amid intensifying competition among insurers.

The financial authority has worked with local insurance companies to launch the service. As of Monday, as many as 207 insurance products offered by 36 insurers can be bought at www.e-insmarket.or.kr. The service, which expects participation by more companies, will be expanded gradually until April.