Kyowon Life, Leaping Forward as a 'Total Life Care' Company

Expansion of Services Beyond Funeral Arrangements to All Areas of Daily Life

On the 19th, Kyowon Life announced the launch of the 'Life Care Service' for funeral service customers. Photo by Kyowon Life

[Asia Economy Reporter Kim Heeyoon] Kyowon Life announced on the 19th that it will launch a 'Life Care Service' for funeral service customers.

The Life Care Service is a conversion benefit that allows customers to change their funeral service products to other services. It can be used for various services ranging from educational products such as Jeonjip to wedding products for marriage preparation, cruise travel, and home appliances.

Kyowon Life recently introduced new services related to burial sites, such as columbariums. It provides customized services according to the life cycle, from alleviating the burden of parents' family events to children's marriage and education. As the number of subscribers increases mainly among younger generations, Kyowon Life explained that it plans to expand Life Care Services into various fields such as leisure and recreation to broaden the range of choices.

Various leisure facility discount benefits are also provided. Customers can use Kyowon Group's 'The Suite Hotel' at special preferential rates, and receive discounts of up to 85% when using nationwide affiliated hotels such as Kensington Hotel and Kumho Resort. Discounts are also available at more than 40 affiliated funeral halls nationwide, including Kyowon Life's directly operated funeral culture center.

Additionally, Kyowon Life is further expanding its payment guarantee system to protect customer payments. In October, it signed a payment guarantee contract with KEB Hana Bank, establishing a guarantee system with three first-tier financial institutions, including Shinhan Bank and Suhyup Bank.

According to Article 27 of the Installment Transactions Act, all funeral service companies must preserve 50% of the advance payments received from members through mutual aid associations, bank deposits, or payment guarantees as a consumer protection measure against business closure or bankruptcy. Among these, the safest preservation method is considered to be a payment guarantee contract with a bank, and only seven companies nationwide, including Kyowon Life, have such contracts.

According to Kyowon Life, by increasing its capital, it raised its solvency ratio from the previous 99% to 101%, further strengthening the stability of its financial structure. As a result, in July, it was selected as a company maintaining high financial soundness in a comprehensive survey of funeral service companies conducted by the Fair Trade Commission.

A Kyowon Life official said, "As the customer age group broadens and lifestyles diversify, we have introduced various Life Care Services tailored to customer preferences. We will firmly establish our position as a company that safely manages customer assets to maintain the trust of customers who have chosen Kyowon Life."

This content was produced with the assistance of AI translation services.