Insurance companies roll out products targeting young Koreans

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Insurance companies, usually some of the more conservative financial firms, are rolling out subscription services and setting reasonable payment terms to meet the needs of young Koreans with the aim of securing their future customers.

Hanwha Life Insurance announced Thursday that it has launched three subscription insurance products. Unlike other insurance products that only distribute cash when customers are deceased, injured, or hospitalized, the company offers benefits related to daily consumption.

“The insurance industry is about to change its DNA to secure clients of the younger generations. As banks, credit card companies and other financial institutions are already doing everything they can to target the younger generations, we also need to adapt to the paradigm shift, ”said an official from Hanwha Life Insurance.

The Company’s three subscription insurance products expire after one year. Due to the short term maturity, they do not offer any life insurance coverage.

Life Plus E-mart Rebate Insurance offers E-mart certificates worth 30,000 won ($ 26) and 5,000 won rebate coupons to those who have paid insurance premiums over 30,000 won. He saves 1,500 won each month and returns 18,000 won in cash after one year.

Life Plus GS25 Convenience Store Insurance offers GS25 gift certificates for four cans of 9,000 won beer as well as beer coupons. The insurance premium is set at 9,500 won and reverts to 6,000 won after expiration.

Customers can also take advantage of a 47% discount on Life Plus Fresh Easy Meal Kit insurance. It offers the best Fresh Easy meal kit items for a monthly payment of 24,000 won or 48,000 won. At the end of a year, he reimburses a month’s insurance premium.

Carrot General Insurance also launched an auto insurance product last year targeting the spending habits of young people. The company’s kilometer auto insurance allows customers to pay a monthly insurance rate based on their mileage.

“Unlike many other insurances that require customers to pay up front, if you drive less, you pay less. We try to meet the needs of the younger generations who want to make reasonable insurance payments, ”said an official from Carrot General Insurance.

According to the company, it had attracted up to 200,000 customers in June.

The company also launched a credit card last week with local card issuer KB Kookmin Card. The Carrot KB Kookmin credit card offers up to 17,000 won off each month to those who make automatic insurance premium payments.

By Byun Hye-jin ([email protected])

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