Hanwha General Insurance Launches 'Non-Dividend 333 WELL100 Health Grade Simple Health Insurance'

[Asia Economy Reporter Changhwan Lee] Hanwha General Insurance announced on the 8th that it has launched the ‘Non-dividend 333 WELL100 Health Grade Simple Health Insurance,’ which offers premium discounts reflecting the current health grade of insured persons with pre-existing conditions.

This product differentiates premiums according to the customer’s health grade, classifying the customer’s health status into grades 1 to 9 using gender, age, health condition, and medical utilization information, and provides up to a 38% premium discount to customers in grades 1 to 4.

The health grade calculation utilizes the mobile app ‘Log,’ developed by GHC (Grade Health Chain), which provides related financial services.

This app accesses medical utilization data from the National Health Insurance Service, analyzes health checkup records from the past two years and hospital usage records from the past year, and then calculates the health grade. Customers can check their health grade by logging into the app, completing identity verification, and consenting to provide information.

The health grade is reassessed every five years after enrollment; if the grade improves, additional premium discounts are applied. Conversely, if the grade declines, the premium does not increase and the existing premium is maintained.

The enrollment age for the ‘Non-dividend 333 WELL100 Health Grade Simple Health Insurance’ starts from 15 years old, and customers can choose either an annual maturity or a three-year maturity product. The coverage period for the annual maturity product is 10, 20, or 30 years, while the three-year maturity product covers up to age 100.

It includes essential coverage for disease treatment such as diagnosis, hospitalization, and surgery for cancer, cerebrovascular, and heart diseases, as well as targeted anticancer therapy, caregiving support, and Da Vinci robotic surgery expenses.

Kim Junyeop, Head of Product Development Part 1 at Hanwha General Insurance, said, “This insurance product breaks the conventional formula of premium differentiation by disclosure period in the pre-existing conditions insurance market and offers a reasonable proposal to customers who want to reduce premium burdens through consistent health management. We will continue to develop products that can serve as healthcare partners for our customers.”