Samsung Fire & Marine Insurance is refining its healthcare business revenue model. The company is expanding its reach beyond providing health management services to policyholders by offering platforms to businesses and hospitals, as well as operating employee health management programs, thus venturing into business-to-business (B2B) operations.
In the long term, the company plans to expand its business areas to include senior and home care in response to an aging society, and to connect personalized health management using medical and financial data. Additionally, it aims to validate whether healthcare services lead to improvements in actual insurance loss ratios and retention rates through data analysis, thereby enhancing its core insurance competitiveness.
Lee Hae-sung, head of the healthcare business team at Samsung Fire & Marine Insurance, stated in a recent interview with Aju Economy, "The monetization of the healthcare business can be viewed in terms of indirect and direct revenue. Ultimately, our goal is to enhance customer value by supporting disease prevention, health management, and recovery after treatment, while also strengthening the sustainability of our core insurance business and developing healthcare into a new business model."
Lee, an expert in the healthcare and bio fields, has previously worked at Samsung Electro-Mechanics Central Research Institute, Samsung Medical Center's Biomedical Engineering Research Institute, LG Life Sciences, SK Telecom, Johnson & Johnson Innovation Asia Pacific Center, and KT. Since 2023, he has been leading the healthcare business at Samsung Fire & Marine Insurance, which connects insurance and healthcare.
Samsung Fire & Marine Insurance plans to accumulate data over a sufficient period to gradually validate the effects of health behavior changes, customer retention, and contributions to the core insurance business. Lee emphasized, "We need to accumulate data to objectively analyze the effects of service usage, health behavior changes, customer retention, and impacts on the core insurance business. Once the effects are proven, we expect to use this as a basis for designing health-promoting insurance products or new coverage and services in the future."
The company is also solidifying direct revenue models. This includes paid services that allow existing policyholders to utilize health management services separately, as well as pursuing B2B operations by providing and operating Samsung Fire & Marine Insurance's healthcare platform 'Anyfit' for hospitals and businesses. Discussions are underway with pharmaceutical companies to integrate healthcare services into patient support programs during the new drug launch process, and programs are being operated for corporate employees to manage obesity and chronic diseases among those identified during health screenings.
* This article has been translated by AI.
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