People exercise on treadmills at a gym in Seoul on April 21, 2020. (Yonhap)
SEOUL, Sept. 16 (Korea Bizwire) — South Korea’s major insurance companies are releasing a string 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 treatment for diseases and other health issues.
KB Insurance Co., for example, released a special contract insurance product created by connecting car insurance with healthcare services in July.
This service provides a 3 percent discount on car insurance premiums if users walk 5,000 steps a day for more than 50 days within 90 days of the date of insurance subscription.
Samsung Fire & Marine Insurance Co. offers a certain amount of points per day through its app if customers conduct exercise like walking or input their health habits.
The value of the points it offered through this service last year is estimated at about 2.4 billion won (US$1.71 million).
Hyundai Marine & Fire Insurance Co. is offering health management services, including home training, for 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 showcasing health management-related products and services.
Kyobo Life Insurance Co., for instance, is offering product exchange coupons to its customers once they achieve their monthly steps target.
J. S. Shin (js_shin@koreabizwire.com)
