KB Sonbo, 1 Year Since Launching Cancer Insurance with 'Targeted Anticancer Drug Approval Treatment Cost'... Market Share Tripled

Sales Surge After Launch of 'KB Amboheom and Healthy Living Stories'

[Asia Economy Reporter Ki Ha-young] KB Insurance is achieving remarkable results in the cancer insurance market. As the first in the non-life insurance industry to offer cancer insurance products with coverage for 'targeted anticancer drug approval treatment costs,' its market share has tripled.

According to KB Insurance on the 13th, KB Insurance's market share in cancer insurance has rapidly grown to around 30%, nearly tripling in one year. This is thanks to the explosive popularity of the 'KB Cancer Insurance and Living Healthily Story' launched in May last year.

This product includes coverage for targeted anticancer drug approval treatment costs and exclusive rights-covered items such as 'thyroid and prostate needle biopsy tissue pathology diagnosis fees,' providing a new concept cancer-specific product that guarantees everything from cancer prevention to a healthy life after cancer treatment. Before the launch of this product, the market share for cancer insurance from January to April last year was about 11%.

KB Insurance's new cancer insurance sales, which were previously around 200 million KRW per month, surged eightfold to an average of 1.6 billion KRW per month in June and July last year, immediately after the launch of targeted anticancer drug approval treatment coverage. Over approximately one year until last month, about 340,000 customers chose KB Insurance's 'targeted anticancer drug approval treatment cost' coverage.

KB Insurance did not stop at coverage for targeted anticancer drug treatment; in October last year, it developed 'specific anticancer hormone drug treatment costs,' covering anticancer hormone treatments, which were previously uncovered areas of targeted anticancer drug treatment.

Additionally, this year, KB Insurance expanded coverage areas for the latest anticancer treatments, including 'thyroid cancer hormone drug treatment costs' and 'targeted anticancer radiation treatment costs,' for which it obtained exclusive rights for the first time in the industry, thereby strengthening product competitiveness as the top seller of cancer insurance.

Jaeun Sung Bae, Executive Director of KB Insurance's Long-term Products Division, said, "This is the result of continuous efforts to change the paradigm of cancer insurance coverage by considering differentiated coverage that customers truly need." He added, "We will continue to develop innovative products that can lead the market by reflecting the diverse needs of customers."

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