Kyobo Lifeplanet's April Guaranteed Insurance Sales Performance Up 41% Year-on-Year

Digital insurer Kyobo Lifeplanet Life Insurance's new contracts for protection insurance increased by approximately 41% compared to the same period last year, based on performance closing in April this year. The sales proportion of term insurance and cancer insurance significantly increased.

According to Lifeplanet on the 12th, Lifeplanet has been continuously increasing the sales proportion of protection insurance by establishing a mid- to long-term business strategy under the theme of 'Lifeplanet Reboot' to improve profitability and financial soundness since the beginning of this year. Thanks to this, term insurance ranked first on the insurance comparison site 'Boheom Damoa,' and protection insurance subscriptions through channels such as phone and chat, strengthened via omnichannel, rose by 19% year-on-year based on monthly premium equivalent.

Additionally, through the health management platform '365planet,' various benefits and health information are provided to steadily secure users and increase customer touchpoints for protection insurance. As a result, the number of members surpassed 100,000 in less than a year since its renewal opening. The sales proportion of protection insurance through the application also steadily grew, with app subscriptions increasing by 87% compared to the same period last year.

The retention rate of customers maintaining their contracts after insurance subscription is also among the top in the industry, with about 91% retention at the 13th installment and about 86% at the 25th installment for protection insurance excluding savings-type insurance.

CEO Kim Young-seok stated, "We will do our best to actively utilize digital technologies such as artificial intelligence (AI) to improve customers' experiences from purchasing insurance products to contract maintenance, and quickly launch practical and reasonable new products tailored to changing customer demands to instill the perception that 'Lifeplanet is the best for customer-centered protection insurance.'"