[Becoming an Insurance Insider] From Exercise Coaching to Mental Health... Insurers Target 'Health Management'

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[Asia Economy Reporter Oh Hyungil] Insurance companies are rushing to seize the healthcare market. Since the COVID-19 pandemic, interest in personal health has increased, and they are targeting those who want to manage their daily habits to attract customers. The core is a service that provides easy and convenient health management methods.

According to the insurance industry on the 13th, insurance companies are expanding healthcare service targets to not only policyholders but also the general public, and are launching healthcare service products that meet various consumer needs, drawing positive responses.

They mainly offer services such as supporting health management services or content, calculating health age instead of actual age to discount premiums, and providing rewards based on achieving activity goals.

Samsung Life Insurance's 'S-Walking' measures annual steps and gives a 30,000 KRW gift certificate for achieving over 3 million steps, for up to 16 years. Hanwha Life's 'Hello' provides various health services and content based on users' health checkup information and daily health data (activity, nutrition, sleep, etc.). For customers interested in dieting, it also offers diet and nutrition analysis using artificial intelligence (AI) cameras.

Kyobo Life Insurance's 'Care' offers services such as mental health, color therapy, meditation, and smile programs.

Shinhan Life Insurance's 'HowFit' is an AI-based home training service that uses motion recognition technology to check and correct users' exercise postures. Without separate wearable devices, AI analyzes users' movements using a smartphone to recognize exercise count and accuracy, coaching them to exercise with correct posture.

Institutional improvements to expand health management services are also underway. The Financial Services Commission announced the 'Insurance Industry Healthcare Activation Plan' in December last year, allowing insurance companies to provide health management services to the general public.

An insurance industry official said, "Insurance companies should develop diverse and high-quality health management services and nurture the healthcare industry as a future growth engine," adding, "The government should also strive to provide continuous support and ease medical regulations so that insurance companies can actively accelerate healthcare service development."

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