Insurance Companies Digging Different Wells Instead of Insurance... Must Change to Survive

Promotion Agency for Insurance Premium Payment Accounts
Including Health Management and Music Revenue

[Asia Economy Reporter Oh Hyung-gil] 'Insurance alone is not enough'?insurance companies are actively expanding their business into new areas beyond traditional insurance, ranging from health management to music revenue. Their moves to increase consumer intimacy by launching bottled water and ramen also draw attention.

According to the insurance industry on the 16th, KB Insurance recently reported ancillary business activities for promoting insurance premium payment accounts. The purpose is for KB Insurance's exclusive insurance planners or call center counselors to engage in a kind of marketing activity by changing or designating the payment account of existing customers or customers signing new long-term insurance contracts to a specific bank account.

When registered as a payment account, the bank pays a certain fee to the customer, and KB Insurance receives a commission from the bank. It is expected to create synergy with its affiliate KB Bank in acquiring customers.

Samsung Life Insurance applied to the financial authorities for a total of three ancillary businesses: health management services for policyholders and the general public, credit card agent management, and credit card agent education support services.

From Bottled Water and Ramen Launches to Goods Marketing

In October, Samsung Life Insurance signed an agreement with Hanyang University Digital Healthcare Center to collaborate on developing digital healthcare content and services related to mental health. Through the disease onset prediction solution of the digital healthcare company Chang Healthcare, customers can easily check their health status and receive annual reports for consistent health management. Additionally, insurance planners will engage in card sales to increase their supplementary income.

Hanwha Life Insurance has also entered the health management service market for the general public. Through the digital health management service application 'Hello,' it provides health management services and content. Recently, it launched subscription insurance reflecting the subscription economy, offering services such as childcare, purchasing supplements, and diet exercise.

Shinhan Life plans to use profits earned from music production for social contribution activities. The music used in advertisements will be officially released, and the generated revenue will be utilized for ESG (Environmental, Social, and Governance) activities.

Foreign insurance companies have also ventured into new ancillary businesses. The Korean branch of the global reinsurer Swiss Re reported advisory services related to insurance business and management consulting, while RGA Reinsurance Korea branch reported advisory services for solution development utilizing big data and fintech.

By producing daily necessities with retailers or selling souvenirs, so-called 'goods,' they have introduced new marketing strategies. Samsung Life Insurance collaborated with Emart and Lotte Chilsung to launch Samsung Life Water (Samsung Saemul-su) and Samsung Life Rice (Samsung Saemul-mi), Shinhan Life and BGF Retail launched Shinhan Saengmyeon, and Lotte Insurance operates an online goods store.

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