KB Insurance "App Development and Preparation Process"
First Healthcare Subsidiary in the Insurance Industry
Other Companies Expected to Accelerate Business
[Asia Economy Reporter Oh Hyung-gil] KB Insurance has established a healthcare subsidiary, 'KB Healthcare,' and will officially launch its services starting next month.
According to the insurance industry on the 20th, KB Insurance recently disclosed that it added KB Healthcare as its seventh subsidiary. This came about three weeks after receiving approval for the healthcare subsidiary from financial authorities on the 1st of this month.
KB Healthcare's capital is 40 billion KRW, with KB Insurance holding 100% of the shares. They appointed Choi Nak-cheon, former head of digital strategy at Samsung Fire & Marine Insurance, as the new CEO, planning to provide comprehensive health management services.
Based on digital health management services through a mobile application (app), the main business will promote health management services linked with partner companies. In the initial phase, the business will focus on corporate clients, with plans to expand services to individual customers in the next stage.
So far, they are also considering launching new services such as ▲health status information analyzed from health checkup data ▲diet data analysis services ▲genome analysis services ▲audio and video-based digital activity management programs ▲chronic disease patient health management coaching programs ▲psychological counseling programs.
The official service launch is scheduled for early next month. A KB Insurance official explained, "There are still preparations such as app development underway, so we expect to provide full-scale services starting next month."
With the birth of the first healthcare subsidiary in the insurance industry, other insurers are expected to accelerate their healthcare business efforts. Since the revision of the Enforcement Decree of the Insurance Business Act in June, which established the legal basis for owning healthcare subsidiaries, progress has been accelerating.
Shinhan Life is currently undergoing subsidiary establishment review with financial authorities and is expected to establish the subsidiary as early as next month. Previously, Shinhan Life set November as the target establishment date and decided to invest 20 billion KRW in capital for the new subsidiary. They plan to expand and reorganize Howfit, a service currently operated in collaboration with AI startup iPixel.
They have introduced healthcare products that measure customers' health age linked to insurance premiums and plan to challenge new types of healthcare businesses such as recommending customized supplements to customers. Together with CJ CheilJedang, Shinhan Life opened a healthcare room at the Gangnam Center, providing services that recommend suitable supplements based on customers' health information.
An insurance industry official said, "Due to aging and the increase in single-person households, demand for health coverage is rising, making entry into the healthcare field not a choice but a necessity," adding, "The advantage is that subsidiaries enable faster decision-making and enhanced expertise."
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