Samsung Fire & Marine Insurance Co., South Korea’s largest non-life insurer, is positioning itself at the forefront of industry reform with a personalized, lifelong care model designed to meet the needs of a rapidly aging population and growing single-person households.
The company on Tuesday held a conference at the Samsung Finance Campus in Seoul’s Seocho District, unveiling its new product — dubbed the “coverage account” — alongside its broader vision for the future of insurance.
“The insurance industry is at a critical juncture, facing questions about its sustainability due to a lack of innovation and inability to adapt to changing environments,” said CEO Lee Mun-hwa. “Samsung Fire aims to shape the future of insurance by returning to its core purpose.”
Set to officially launch in May, the “coverage account” embodies the general insurer’s vision of delivering comprehensive, continuous care that enhances customer convenience while driving down financial burden.
Dozens of coverage types have been streamlined into five optimized categories to ensure “seamless” treatment, with the insurer also targeting sustainable service by offering rewards to customers who maintain their health. Additionally, the company is addressing a critical challenge in Korea’s super-aged, low-birth society by providing accompaniment services for those living alone or without family support.
The company placed final emphasis on health care, highlighting its growing importance in future business strategies. “Health care will be integrated throughout the process to deliver a continuous, personalized health management journey,” said Kwon Ki-soon, the director of Samsung Fire's long-term product development team.
“We aim to move beyond a one-time, issue-driven method to offer customers a new experience,” Kwon said, adding, “The new product will offer easy-to-understand yet comprehensive coverage, while also supporting customers’ overall health.”
jwc@heraldcorp.com
