Shinhan Life Launches New Insurance Product with Premiums Varying According to Health Status

[Asia Economy Reporter Changhwan Lee] Shinhan Life announced on the 1st that it has launched the 'Shinhan 3COLOR 3 Major Disease Protection Insurance (Non-dividend, Renewable)' which applies differentiated premium discounts according to the customer's health condition.

This product is the first in the industry to innovatively change the insurance subscription process by utilizing customer health data.

Based on health data from external institutions obtained through customer consent and authentication, personalized premiums are calculated, and the system completes 100% automatic screening of disease history before subscription planning.

When the insured's health data is automatically applied to the disclosure obligation items, there is no obligation to notify, so there is no contract cancellation or coverage limitation due to violation of the disclosure obligation after subscription.

It was developed to allow subscription with differentiated premiums for each individual, from healthy individuals to those with pre-existing conditions, within the same product. According to disease history, three color types are designated: 'Purple type (healthy to standard risk)', 'Blue type (simple screening target)', and 'Green type (ultra-simple screening target)', with different premium discount benefits applied according to individual health status within each type.

The insurance period of this product is renewable with 10-year or 20-year terms, providing coverage up to age 100. The subscription age is from 15 to 75 years old (Purple type), and from 30 to 75 years old (Blue and Green types).

Shinhan Life also launched the 'Shinhan 3COLOR Cancer Plus Protection Insurance (Non-dividend, Partial Surrender Value Payment Type)', which can be subscribed through the same procedure as this product.

Baehyungcheol, Head of Customer Strategy Group at Shinhan Life, explained, "This new product completes 100% automatic screening of disease history in the system before subscription planning through health data, completely eliminating the cumbersome underwriting process such as additional notifications, additional documents, and health checkups after the application."

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