By Jun Ji-hye
Competitors amongst insurance coverage firms is intensifying over merchandise tailor-made for girls, pushed by elevated curiosity in ladies’s well being and the fast rise within the variety of working ladies.
Trade officers famous that as extra ladies are delaying marriage, the dangers of infertility and problems related to older maternal age are growing. This development is a key issue driving the enlargement of the insurance coverage market concentrating on ladies.
To draw extra feminine prospects, insurers are specializing in differentiating their merchandise by segmenting choices and increasing protection.
On Friday, ABL Life launched a ladies’s life-cycle insurance coverage product designed to offer protection from being pregnant preparation via post-childbirth, in addition to protection for most cancers diagnoses, together with breast and uterine most cancers, which ladies are extra susceptible to develop.
The product additionally supplies protection for the prices of synthetic insemination and in vitro fertilization (IVF) remedies for infertility.
“The brand new product is designed to comprehensively cowl a variety of well being points that will come up all through a girl’s life cycle,” an ABL Life official stated.
“We’ll proceed to develop merchandise that meet the more and more particular wants of feminine prospects, to ensure they’ll lead more healthy and extra vibrant lives.”
On Aug. 5, Hyundai Marine & Hearth Insurance coverage launched an identical product providing personalized protection for numerous levels of a girl’s life cycle, together with being pregnant, childbirth, menopause, and getting old.
Throughout being pregnant and childbirth, the product focuses on protecting breast, reproductive, thyroid and urinary ailments. At menopause, it contains protection for bone ailments, sleep issues, and psychological well being points. Within the getting old stage, it focuses on protection for muscle, joint, and mind issues.
Final yr, Hanwha Basic Insurance coverage established a analysis middle devoted to finding out the so-called femtech, or feminine expertise, which refers to software program or providers tailor-made in the direction of ladies’s well being.
Monetary authorities are additionally paying eager consideration to merchandise concentrating on ladies, as they’ve determined to incorporate being pregnant and childbirth in insurance coverage protection.
The choice was made throughout a gathering of the Monetary Providers Fee (FSC), the nation’s high monetary regulator, and the Monetary Supervisory Service, the monetary watchdog, Aug. 8, the place measures had been mentioned to enhance insurance coverage merchandise in response to demographic modifications, comparable to a low birthrate, getting old inhabitants and an growing variety of international residents.
Historically, the query of whether or not being pregnant and childbirth needs to be lined by insurance coverage has been unsure, primarily based on the notion that insurance coverage is supposed to guard in opposition to unexpected occasions. This uncertainty has restricted the event of associated insurance coverage merchandise.
Following the newest choice by the authorities, extra new insurance coverage merchandise that cowl being pregnant and childbirth are anticipated to be launched throughout the yr.
