With the hope that healthier consumers will require less medical attention for illnesses and other conditions, South Korea's major insurance companies are releasing insurance products related to health management.
According to Korea Bizwire, KB Insurance, for instance, developed a special contract insurance product in July that was made by fusing auto insurance with medical services. If consumers walk 5,000 steps each day for more than 50 days within 90 days of the date of insurance membership, this service offers a 3% discount on car insurance prices.
Through its app, Samsung Fire & Marine Insurance rewards users with a set number of points each day if they engage in physical activity like walking or enter their daily health routines. It is believed that the entire worth of the points it provided through this service last year was around KRW2.4 billion ($1.71 million).
For new health insurance clients who pay more than KRW 30,000 in premiums, Hyundai Marine & Fire Insurance is offering health management services, including home training.
Companies offering life insurance that place a strong emphasis on long-term goods are also promoting programs for health management. For instance, Kyobo Life Insurance rewards customers who reach their monthly step goal with coupons for product exchange.
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