Leveraging a Strong Rental Infrastructure for Market Penetration
Achieving Results Through Limited Sales Without Advertising... Accelerating Nationwide Expansion
Strengthening Practical Partnership Services in Health, Nursing Care, and Tax Consulting
The first report card gauging Coway's prospects in the funeral service market has been released. It was revealed that Coway Life Solution (Corasol), a subsidiary of Coway, surpassed 100 million KRW in advance payments solely through pilot sales of funeral service products, even before its official launch. Despite the short pilot operation period, the company is being recognized for demonstrating potential in the funeral service market.
According to the Fair Trade Commission's "2025 Major Information Disclosure of Prepaid Installment Transaction Companies" released on July 4, Corasol, a Coway subsidiary, recorded 102.5 million KRW in advance payments as of the end of March this year. This figure was achieved through limited pilot sales in select branches, without any advertising, from mid-January to March, ahead of Corasol's official launch scheduled for May this year. Advance payments represent the cumulative amount of funeral service fees paid monthly by customers who have signed up with the company. This is a key indicator used to assess the scale, business capabilities, and overall management status of funeral service providers.
The two products responsible for this achievement, "Coway Life 499" and "Coway Life 599," combine Coway's existing rental products with funeral services. These products are designed so that customers can first enjoy rental fee discounts on products such as water purifiers, bidets, and massage chairs, and then, at the end of the contract period, convert their benefits to a range of life care services, including funeral arrangements. By leveraging Coway's strong rental infrastructure, Corasol has introduced a "lifestyle-integrated" funeral service model, demonstrating the potential for market adoption.
A Coway representative commented, "We are evaluating the results positively internally," and added, "Even without full-scale advertising and with limited sales in select branches, the performance aligns with our initial business plans." The representative continued, "We are now expanding our sales network to all branches, so we expect growth in the second half of the year. We also plan to strengthen our services by introducing additional life care offerings, such as travel, nursing care, and caregiving, within this year."
Coway entered the funeral service market in October last year by establishing Corasol as a wholly owned subsidiary. Corasol aims to move beyond traditional funeral-focused services and become a "premium life care platform" that manages customers' entire life cycles.
Corasol is currently focusing on expanding partnerships to enhance membership benefits. The company is collaborating with various partners across different sectors, including Lotte Hotel, Kyobo Book Centre, Onlinetour, G Tower Convention Wedding Hall, and pet funeral service providers, in order to increase customer lock-in effects. In addition, to meet the needs of senior customers, Corasol is continuously expanding practical care services such as healthcare, nursing care, and tax consulting through collaborations with partners like GC Care, Caring, BnH Tax Corporation, and CareDoc.
A Coway representative stated, "Based on the trust in the Coway brand, we will set a new standard for retirement planning and further advance our portfolio to lead a paradigm shift in the silver care industry."
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