Differentiation Through Customized Life Cycle Care Products
Coway has officially announced the launch of its subsidiary, Coway Life Solution, which will be responsible for its premium silver care business. The company aims to actively enter the life care market targeting the "new senior" generation, who prefer to design their own retirement rather than rely on their families, and plans to introduce a new approach to preparing for later life.
On May 8, Coway Life Solution announced the release of its first products: "Coway Life 599" and "Coway Life 499." These products combine Coway rental products with the ability to receive lifestyle benefits now and later switch to care services of the customer’s choice.
The key feature of these products is their flexible structure, which allows economically and socially independent new seniors to select and switch between tailored care services as needed. This includes not only preparing for health, nursing, caregiving, and funeral services in later life, but also support for various life moments such as marriage, travel, and pet care, with expert assistance available at each stage.
For example, by signing up for Coway Life 599, customers can receive up to 1 million KRW in rental fee discounts on Coway products over a 60-month contract period. At the end of the term, they can switch to a variety of care services offered by Coway Life Solution. Notably, these rental fee discounts can be combined with other Coway promotions, resulting in even greater savings.
Coway Life Solution also offers a wide range of partnership benefits to all subscribers. The company has collaborated with a total of 12 partners, including Lotte Hotel, Online Tour, Kyobo Bookstore, CareDoc nursing services, 21gram and Petdoc pet funeral services, and G Tower Convention weddings, to provide various lifestyle benefits. Coway Life Solution plans to continue expanding its partnerships to further enhance customer benefits.
Following its official launch, Coway Life Solution will implement a three-phase strategy to develop its business. In the first phase, it will target the initial market with discounted products combined with Coway rental items. In the second phase, the company will continue to introduce diverse care products that reflect the lifestyles of the new senior generation, and within the year, it will launch enhanced pre-support benefits that customers can choose as needed. In the third phase, Coway Life Solution will expand its partnerships with existing premium silver towns to offer customized care to new seniors who are capable of independent living but require systematic wellness support.
In particular, Coway Life Solution is a wholly owned subsidiary of Coway and is the first in the industry to implement consolidated accounting standards for listed companies, ensuring transparent financial management. In addition, the company has strengthened customer asset protection and business stability by securing payment guarantees from first-tier financial institutions.
A Coway Life Solution representative stated, "Based on the trust in the Coway brand, we will set a new standard for retirement preparation for our customers and lead a paradigm shift in the silver care industry."
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