From Infertility Treatment to Establishing Women's Research Institutes... Insurers Striving to Capture Women's Hearts

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Specialized insurance products targeting female customers are being actively launched. Customized products that consider women's lifestyles and health needs are emerging, changing the market landscape. This is interpreted as a result of insurance companies seeking differentiated strategies to pioneer new markets alongside changes in women's social roles.

According to the insurance industry on the 12th, five insurance companies released female-specialized products in the first half of this year alone. Female-specialized insurance mainly features coverage for women's diseases and pregnancy and childbirth. As insurers offer products covering the entire life cycle, the range of choices is also expanding.

This change was catalyzed by the advancement of Hanwha General Insurance, which decided to focus on 'female-specialized insurance companies' starting last year. Hanwha's flagship product, 'Hanwha Signature Women's Health Insurance,' launched in July last year, has received market response for 10 months until April this year, surpassing a cumulative premium of 13.2 billion KRW. In particular, in January, it achieved monthly sales of 2 billion KRW and surpassed 10 billion KRW in cumulative sales by the end of February, with 125,600 new contracts recorded during the same period. Additionally, as of the end of November last year, the subscription growth rate among women in their 20s and 30s was about 73.6%, indicating strong market response to female-specialized products.

Hanwha General Insurance explained that female-specialized insurance sales played a significant role even in the first quarter of this year, which recorded the highest quarterly performance. A Hanwha General Insurance official said, “Specialized products and services reflecting the coverage needs of female consumers by age group have met customer demand,” adding, "We plan to launch Hanwha Signature Women's Health Insurance 3.0, which strengthens female-specialized services within this year." Hanwha General Insurance continues its originality by establishing the 'LIFEPLUS Femtech Research Institute,' a female-focused research center.

Earlier this year, Lotte Insurance launched ‘FOR ME Always Sister Insurance’ as its first product of the new year, targeting female customers. This product provides coverage related to menopause, such as osteoporosis and arthritis, for women aged 35 to 45 until age 50. It also includes coverage for ‘mental illness treatment costs,’ which covers treatment expenses for conditions like depression, addressing concerns about mental health.

Insurance products needed in the low birthrate era have also appeared. Shinhan Life launched 'Shinhan Health Protection Insurance ONE The Woman' on the 10th, a specialized insurance covering ovarian cancer, uterine cancer, breast cancer, and more. Subscribers receive benefits such as discounts on ovarian function tests, preferential treatment for ovarian freezing procedures, and consulting for visiting nurses for premature babies. NH Nonghyup Life's 'Pink Care NH Health Insurance,' released last month, specializes in breast, thyroid, and reproductive organs, providing coverage from diagnosis to treatment for diseases frequently occurring in women, and offers coverage for artificial insemination and in vitro fertilization treatment costs when subscribing to the infertility treatment special contract.

There is also insurance that offers discounts when mothers and daughters join together. Heungkuk Fire & Marine Insurance launched ‘Women MZ Insurance’ last month, strengthening coverage for female-related cancers such as thyroid cancer, breast cancer, and ovarian cancer. Mothers under 50 with daughters aged 5 or older can receive a 2% discount on their monthly premium. The coverage period ranges from 80 to 100 years old, and if the daughter also subscribes, her premium is discounted by 3%.

Female-specialized insurance is expected to become a new trend in the insurance industry. According to the Korea Insurance Research Institute, women are actively spending on insurance and medical fields. Researcher Jang Yoon-mi analyzed in a report on overseas Femtech companies that "women have a longer average lifespan than men and are proactive not only in pregnancy and childbirth but also in preventive health management," showing a characteristic of high medical expenditure. Femtech is a compound word of 'Female' and 'Technology,' referring to technologies for women's health and well-being.

Researcher Jang explained, "With the advancement of Femtech technology, accessibility to women's health management is expected to expand, and by around 2030, the market size in this field is projected to reach approximately 100 billion USD (about 138 trillion KRW)."

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