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/ Hanwha Life

Hanwha Life is expanding its healthcare business by operating health management centers accessible not only to policyholders but also to the general public. The strategy is to move away from the traditional post-incident coverage model—which pays out insurance claims after an illness or accident occurs—and establish a "preventive health management" model that manages customers' health in advance.

According to the insurance industry on July 1, Hanwha Life recently filed a report on ancillary business operations, including the management of health centers, with financial authorities. The company plans to build a health management center utilizing idle space within the Hanwha Life 63 Building and fully launch the business by the end of this year.

Previously, Hanwha Life provided free health checkup services exclusively to existing policyholders. Through this ancillary business filing, the company intends to expand its target audience to the general public while launching health management services that connect online and offline platforms.

The health management center will measure health information using wellness devices and offer counseling programs. To use the center, visitors can sign up as online members and make a reservation before visiting. Customers can also view and manage their health data online, as well as access counseling and health management content. The system is designed to allow a portion of the payment amount to be accumulated and used as points.

Hanwha Life is embarking on the health management service business to establish a prevention-oriented healthcare model. This is driven by the assessment that improving customers' health can alleviate the insurer's burden of paying out claims, which in turn can lead to insurance premium reductions for customers. The analysis of customers' lifestyles is also expected to be utilized in developing customized insurance products.

The company's focus on the healthcare business is also due to the slowing growth of the insurance market. Facing a low-growth crisis caused by demographic shifts such as low birth rates and an aging population, as well as market saturation, this move is interpreted as a strategy to expand non-insurance businesses and secure new growth engines.

Positive effects are expected in terms of profitability as well. Hanwha Life plans to minimize the cost burden by utilizing its existing workforce and organization, while outsourcing maintenance and operational tasks. The generation of additional revenue from health management services is also anticipated. Hanwha Life expects a reduction in illness occurrences due to improved customer health, as well as marketing benefits.

For marketing related to this ancillary business, the company plans to comply with relevant regulations, such as the Personal Information Protection Act, by not using policyholders' personal information, and maintains a policy of not utilizing collected health information for insurance sales.

An official from Hanwha Life stated, "We expect to provide high-quality health management services linked with offline channels to general customers who need healthcare services."

                                                                                                          Lee Sun-young