[The Future of Insurance in the Data Era][Report] Shinhan Life's Offline 'Healthcare Service' Experience

(중) Shinhan Life Healthcare Room Tour
From State-of-the-Art Health Measurements to Supplement Recommendations
Future Expansion of Data-Driven Personalized Services

Editor's NoteWith the advent of the big data era, the insurance industry has also entered the era of customized insurance products. The emergence of new products and services based on customers' health and medical data is anticipated. Recently, the active utilization of data in the insurance industry shows two main trends: health data and financial data. The expansion of healthcare services enables the collection of health data and the development of products exclusively for the elderly and those with pre-existing conditions, as well as premium discounts, making it possible to utilize public data considering public benefits. Another axis is providing new financial data services based on MyData. It is analyzed that insurers in the data era will play roles both as consumers and providers of data. Asia Economy examines the changes in daily life brought by the convergence of insurance and data and addresses issues arising from data utilization through a planned series.

[Asia Economy Reporter Ki Ha-young] "You have a standard body type, but your muscle mass is insufficient, so I recommend strength exercises like cycling or tennis. Regarding supplements, people usually take probiotics, vitamin D, and lutein, and if this is your first time taking supplements, all three are fine."

On the afternoon of the 18th of this month, I visited Shinhan L Gangnam Tower in Gangnam-gu, Seoul. Upon entering the healthcare room, the advanced diagnostic devices immediately caught my eye. It is the latest health measurement kiosk from HealthMax, located in Shinhan Futures Lab. The healthcare nurse explained that by entering height and registering the vein, the health data measured that day can be checked anytime and anywhere through an application (app).

The healthcare room is a space that Shinhan Life introduced on the 19th of last month on the first floor of Shinhan L Gangnam Tower’s Gangnam Customer Center, the first of its kind in an insurance company. Equipped with state-of-the-art health examination devices, visitors can check their health status and receive consultations from professional nurses. This is not just about measuring health-related data but also offering consultation services based on it. While insurance companies have focused on post-coverage services for diseases and accidents, this is an attempt to provide one-on-one customized healthcare services based on health data.

◆ Supplement Consultation Based on Health Data =At Shinhan Healthcare Room, the health measurement kiosk can test items such as height, body composition, blood pressure, and stress. Most simple measurements except blood sampling are possible. By placing just one finger into the device, you can receive analyses of stress, body composition, and obesity, which are usually difficult to know from regular health checkups. Next week, a scalp measurement device will be introduced, and the recently introduced skin measurement is also popular. Shinhan Life is expanding services by promptly reflecting customer feedback. The healthcare nurse said, "From health check to simple consultation, it takes about 30 minutes," adding, "It is well received by office workers and others who can utilize a short amount of time."

Above all, the advantage is that customized consultations are possible based on these health checkup data. After the measurements, you can get professional advice on what areas are lacking and how to manage your health. If desired, you can also receive supplement recommendations for health improvement. Collaborating with CJ CheilJedang, Shinhan Card, and others, they provide QR codes to purchase supplements at prices up to 66% lower than market prices.

◆ Expansion of Data-Based Customized Services =Shinhan Life’s healthcare service using health data is still in the pilot stage. Until now, there was no complete service following data measurement, so this service was introduced. This is one of several attempts by Shinhan Life to provide customized services based on health data.

Through this, Shinhan Life also expects to secure potential customers. In fact, during the first month after the service launch, the main users of the healthcare service were people in their 20s and 30s. Due to COVID-19, the number of users per day was limited, but more than half of the users were young people in their 20s and 30s. Also, since most services are provided by prior reservation through financial consultants (FCs), the initial response was good enough that about 10 people visited daily just by word of mouth. This means they have discovered the potential for healthcare business using data in the stagnant insurance industry.

The healthcare business using health data is still in its early stages, so short-term profitability cannot be expected. However, as customer usage increases and service know-how accumulates, the customized services that can be provided will become more sophisticated and the business scale can expand. Shinhan Life also plans to expand from post-coverage of diseases and accidents to health promotion services required throughout customers’ lives, given the growing interest in health management.

A Shinhan Life official said, "Since this service is a pilot project, we plan to gradually expand the scope of data measurement and the customized services that can utilize it based on this."