The Most Preferred Insurance Product by Samsung Life Customers is 'Health Insurance'

Survey on Insurance Preferences and Satisfaction Conducted Among 9,900 Samsung Life Consultants
Customers Prefer Products in Order: Health > Indemnity > Pension > Whole Life
7 out of 10 Consultants Satisfied with Their Job... Satisfaction Increases with Experience

[Asia Economy Reporter Changhwan Lee] In life insurance, the most preferred product by customers is 'health insurance,' which covers major diseases such as cancer and myocardial infarction.

Samsung Life Insurance disclosed the results of a survey conducted on 9,918 consultants on the 18th.

Samsung Life consultants identified health insurance (39.1%) as the most preferred product by customers. This was followed by indemnity insurance (22.1%), pension (18.8%), and whole life insurance (12.5%).

Health insurance is a type of insurance that covers treatment costs, surgery fees, hospitalization expenses, etc., in case of illness. Representative health insurance products of Samsung Life include ‘New Comprehensive Health Insurance 100,000 Won per Day’, ‘Yukwae Tongkwae Health Insurance Watch4U’, and ‘Health Asset Non-Renewable Cancer Insurance’.

Samsung Life consultants also found that the most necessary coverage for customers is ‘health coverage (80.6%)’.

Analyzing Samsung Life’s insurance subscription and payment data over the past five years (2017?2021), health insurance recorded the highest number of subscriptions at 42.9%, and health insurance also ranked first in accident insurance payouts at 56.5%.

When asked what customers worry about most in the era of 100-year lifespans, ‘retirement living expenses (45.2%)’ was the most selected, followed by ‘dementia/care costs (27%)’ and ‘medical expenses (24.9%)’.

Products for stable retirement preparation include the ‘Solid Variable Pension Insurance’ launched last June, and the ‘Happy Whole Life Insurance,’ which allows securing retirement living funds using the pension advance payment system.

7 out of 10 consultants are satisfied with their job; satisfaction increases with experience

Job satisfaction among Samsung Life consultants was generally high. Seven out of ten answered that they are ‘very satisfied (22.7%)’ or ‘satisfied (50.1%)’.

In particular, satisfaction increased with longer consultant experience. Job satisfaction was 68.4% for consultants with less than 2 years of experience, 69.6% for those with 3?5 years, 75.7% for 5?10 years, and 78.4% for over 10 years. As of July this year, consultants with over 10 years of experience accounted for 34.8% of Samsung Life consultants.

Additionally, the top advantage of being a Samsung Life consultant was ‘systematic education and sales support programs (45.2%)’. Other significant factors included ‘industry-leading treatment of new recruits (24.5%)’ and ‘24-hour digital sales support system (18.8%)’.

A Samsung Life official said, “With the era of longevity and chronic illness, the importance of health coverage is increasing day by day,” adding, “It is necessary to prepare systematically with consultants for long-term coverage planning.”

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