CEO Score Daily

You and I, too, “the first in the industry”… Insurance industry looks at new product differentiation competition

Part of marketing to target niche in new year’s insurance products

In celebration of the new year, new insurance products with the title of’Industrial First Guarantee’ in the insurance industry are released one after another, attracting attention.

This is a trend that emerged as consumers can compare various insurance products faster and easier than before through various financial platforms. Insurance companies are targeting the market through a kind of’niche attack’ marketing, setting detailed characteristics that existing products do not have as a differentiating point.

According to the insurance industry on the 11th, Hana Non-life Insurance recently announced that it is the first in the industry to guarantee anticancer positive radiation therapy through’Hana Full Cancer Insurance’. Anticancer proton radiation therapy, unlike conventional radiation therapy, uses the physical properties of protons to minimize the effect on normal tissues and kills cancer cells.

Although the patient’s economic burden is a considerable amount of treatment, if you subscribe to the special drug through’One Full Cancer Insurance’, you can receive up to 25 million won in case of receiving anti-cancer positive radiation treatment for cancer, other skin cancer, and thyroid cancer.

This rider has also acquired exclusive licenses for the next three months. The exclusive right to use is granted to financial products by the New Product Deliberation Committee of the Life and Non-Life Insurance Association, based on a comprehensive judgment of originality, progress, and effort. As other insurance companies cannot release related products for a certain period of time, Hana Insurance will exclusively sell anticancer positive radiation therapy special drugs until March 28th.

In the case of Hanwha Insurance, it emphasized that it intensively covers eye diseases by launching the industry’s first non-participating bright eye health insurance, which is an exclusive eye insurance. It manages eye diseases such as cataract, glaucoma, conjunctivitis, dry eye, and other eye diseases in stages, from pre-preventive tests to treatment, as well as procedures and surgery.

First, the’eye (orbital) reassurance device fee’ required for eye examination and treatment is the basic guarantee. The main purpose is to guarantee the specific examination fee for the prevention of eye diseases 3 times a year (once a day), and the special treatment and surgery fee and the specific surgery fee once a year. Eye-related procedures such as blepharovalgus and ptosis surgery to improve vision, and incision of an allele (eye stye) can also be guaranteed.

In addition, as a special drug, certain diseases that may occur in the retina and cornea and certain injuries that may occur in the eyeball during daily life are guaranteed for the first time only. There are various special treatments such as △ glasses damage cost △ corneal transplant operation cost (one time) △ surgery cost for three major eye diseases (once a year) △ shingles eye disease diagnosis cost △ disease blindness diagnosis cost. This product is a renewed product for annual maturity that can be guaranteed up to age 80 through renewal with maturity of 5, 10, and 20 years.

Samsung Life is the first in the industry to introduce’New All-In-One Cancer Insurance 2.0′, which guarantees intensity-controlled radiation treatment, and strengthened the coverage of chemotherapy. This product expanded the coverage of the existing anticancer radiation and drug treatment special drugs, and added the coverage of targeted anticancer drug treatment, which is highly preferred, but the treatment cost is significant.

When purchasing the product, the main insurance guarantees 100% of the subscription amount without discrimination for diagnosis of uterine, breast, and prostate cancer as well as diagnosis of general cancer, and 100% of small amount cancer can be guaranteed through a special contract. However, only 50% of the subscription amount is paid when diagnosed within 1 year for small cancer.

Samsung Life Insurance also guarantees a loss of income by guaranteeing a living fund when a subscriber becomes a disabled person because cancer diagnosis is the direct cause. The renewal is for 15 years, and insurance premiums may increase according to changes in insurance age and base rate.

KB Life Insurance has released’cancer insurance for the first cancer cure’ online for the first time in Korea. Currently, most insurance companies’ products can be subscribed to by patients with medical care, but if they have a history of female surgery within the last five years, they are limited to subscription.

However, this product can be subscribed within 60 days from the date of the report of the biopsy that the extraction and removal have been completed after the stage 1 cancer surgery. Recurrence, metastasis, and second primary cancer are guaranteed once for the first time, up to KRW 50 million, and general cancer diagnosis fees are paid for all thyroid, breast, prostate, gender, and other skin cancers.

In the case of KB Insurance, it is the first in the industry to guarantee children’s atopic diseases through the launch of’KB Hope Plus Child Insurance’. The biggest feature is that, in addition to the existing 250 various child protections, major life diseases such as flu treatment expenses and hand, foot and mouth diagnosis expenses that occur frequently in each child’s growth cycle (birth, preschool, childhood, and adolescence) are covered.

This product was also the first to introduce a’Parent Payment Exemption·Payback’ service. In the event of a serious illness or disaster, one of the parents who are the actual payers of child insurance premiums is exempt from the insurance premiums that must be paid in the future and the premiums already paid are returned.

[CEO스코어데일리 / 이재아 기자 / [email protected]]

Copyright @CEO LAB. All rights reserved.