Insurance companies launch new products associated with health management

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People train on treadmills at a gym in Seoul on April 21, 2020. (Yonhap)

SEOUL, Sep 16 (Korea Bizwire)South Korea’s major insurance companies are launching a series of new insurance products associated with health management, based on expectations that their long-term profits will increase if customers are healthier and require less treatments for diseases and other health problems.

KB Insurance Co., for example, launched a special contract insurance product created by combining auto insurance with health services in July.

This service offers a 3% discount on car insurance premiums if users walk 5,000 steps per day for more than 50 days within 90 days of the date of insurance purchase.

Samsung Fire & Marine Insurance Co. offers a certain number of points per day through its app if customers exercise like walking or enter their health habits.

The value of points offered through the service last year is estimated at around 2.4 billion won ($1.71 million).

Hyundai Marine & Fire Insurance Co. has been providing health management services, including in-home training, to new health insurance customers who pay more than 30,000 won per month since May 2019.

Life insurance companies that rely heavily on long-term guarantee products are also introducing products and services related to health management.

Kyobo Life Insurance Co., for example, offers product redemption coupons to its customers once they reach their monthly step goal.

JS Shin ([email protected])


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