Insurers focusing on healthcare in Korea

 21-Mar-17, Business Korea 

NongHyup Life Insurance recently signed a memorandum of understanding (MOU) with KT to develop new insurance products and healthcare services by making use of big data and the Internet of Things (IoT). The two companies are to launch a product for elderly people living in rural areas, characterized by wrist watch-type smart bands checking their pulses, movements and the like and providing immediate notification for families, the insurer, regional public health centers and so on.

Image: Business Korea

The insurer’s plan is unlikely to go without a hitch though because legal guidelines have yet to be prepared with regard to whether insurers’ business is to be allowed to cover this type of healthcare activities. 

Nevertheless, an increasing number of South Korean insurance firms are showing their interest in the healthcare sector amid rapid aging of the population.

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