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LuluMedic, India’s SVA Solutions team up on insurance plans for overseas workers

March 13, 2024 - 14:30 By Heo Yu-jeong
LuluMedic CEO Woo Seong-han (left) and SVA Solutions Chair Kang Ho-bong pose for a photo after signing a business agreement. (LuluMedic)

South Korean health care tech company LuluMedic said Tuesday that it has partnered with Indian consulting firm SVA Solutions to promote its comprehensive insurance plans tailored for overseas workers.

This initiative aims to meet the increasing demand from Korean companies to comply with the Serious Accidents Punishment Act, ensuring the safety and well-being of their employees not just at home but also abroad.

The K-medical Assistance for Remote Employees insurance package provides extensive coverage for medical and accidental costs and guarantees complete protection for all employees, including those employed by overseas subsidiaries, those hired locally and even volunteer workers.

Under the partnership, SVA Solutions will offer consultations for Korean companies operating in India or with plans to do so.

"The KARE service offers a robust safety net for companies venturing into overseas markets, leveraging LuluMedic's competitive advantage with its expansive hospital network spanning 197 countries and its round-the-clock multilingual medical assistance centers," said Kang Ho-bong, chair of SVA Solutions.

Established by a group of insurance specialists in 2021, LuluMedic has been expanding its services in the health care sector. It launched a telemedicine service for overseas Koreans in Vietnam in December 2022. A year later, the company acquired Assist Card Korea, the Korean division of the global travel insurance company, to launch its own insurance plans for travelers.