[1mm Financial Talk] Unique 'Mini Insurance' Covering Reading Disorders and Direct Transaction Damages...

Kyobo Life Launches Reading Safety Insurance Amid 'Hangang Fever'
Kakao Pay Insurance Debuts Leisure Insurance with Golf Coverage
Samsung Fire & Marine Introduces 'Seasonal Mini Insurance' Covering Heat and Cold-Related Illnesses

Insurance companies are continuously introducing unique small-sum short-term insurance (mini insurance) products based on innovative ideas. The strategy is to lower the entry barriers to insurance and appeal with affordable premiums, targeting the digitally savvy MZ generation (Millennials + Generation Z).

According to the financial sector on the 20th, Kyobo Life Insurance launched the 'Kyobo e-Dokseo Anshim Insurance (Non-dividend)' yesterday, which covers illnesses that can occur while reading books. It covers eye, muscle, and joint disabilities, VDT (Visual Display Terminals) syndrome, and spinal-related diseases. If diagnosed with these illnesses and undergoing surgery for treatment, a surgery insurance benefit of up to 100,000 KRW per surgery (based on a coverage amount of 10 million KRW) is paid once per year. The premium is about 1,290 KRW for a 40-year-old male, paid as a one-time lump sum. A Kyobo Life Insurance representative explained, "This product was planned with the purpose of covering diseases related to reading posture and encouraging good reading habits, following the reading boom sparked by Han Kang’s Nobel Prize in Literature."

An illustration depicting ChatGPT promoting the importance of subscribing to mini insurance themed around golf, reading, and more. Provided by ChatGPT

Digital non-life insurer Kakao Pay Insurance launched a golf insurance product last month that can be tailored to the individual's skill level. This is Kakao Pay Insurance’s first leisure insurance product offered to individual customers, following its popularity with travel insurance and others. It covers injury sequelae, liability, and hole-in-one celebration money that may occur during a golf round. Customers can select all coverages (riders) themselves without any mandatory coverage. For example, if only the packages for 'damaging others' and 'injuring oneself' are selected, the premium per person (based on 4 people subscribing, pure coverage type) is only 290 KRW. Even if all packages are selected for maximum coverage, the premium per person is just 5,680 KRW.

Samsung Fire & Marine Insurance introduced seasonally tailored mini insurance on its integrated Samsung Financial app, Monimo, in July. It covers various seasonal risks such as diagnosis fees for heat and cold illnesses, hyperbaric oxygen therapy treatment costs, and death coverage from drowning accidents. Samsung Fire & Marine Insurance also offers a diverse lineup of mini insurance products including golf, leisure, and bicycle insurance.

Lotte Insurance operates mini insurance in the form of a platform called 'Alice.' This year, it attracted attention by launching the 'Deokmingout Injury Insurance,' which covers injuries at popular music concert venues and direct transaction fraud damages. 'My Farm Alpha Mom' is a mini insurance product related to women's health, covering diseases and injuries that are common for mothers after childbirth, such as postpartum depression and joint pain.

Life insurers, which have traditionally focused on face-to-face channels and long-term insurance, are also launching mini insurance products one after another. NH Nonghyup Life Insurance is currently selling five types of mini insurance. The cumulative sales of mini insurance exceeded 10,000 cases in the first half of this year. Among them, the 'Health Checkup Sso-ok NH Polyp Diagnosis Insurance' launched last year and the 'Environment Sso-ok NH e-Flu Care Insurance' launched in May are the main products. They pay insurance benefits upon diagnosis of lifestyle-related diseases such as polyps and influenza.

Samsung Life Insurance is selling the 'Maeummoa Mini Flu Insurance' and 'Maeummoa Mini Living Insurance.' Both products are designed with the concept of gifting insurance to loved ones. Up to 30 people can be gifted with just their name and gender. By paying the premium once, diagnosis insurance benefits are paid for specific infectious diseases such as flu and Japanese encephalitis for one year.