By Jun Ji-hye
Competition among insurance companies is intensifying over products tailored for women, driven by increased interest in women’s health and the rapid rise in the number of working women.
Industry officials noted that as more women are delaying marriage, the risks of infertility and complications associated with older maternal age are increasing. This trend is a key factor driving the expansion of the insurance market targeting women.
To attract more female customers, insurers are focusing on differentiating their products by segmenting offerings and expanding coverage.
On Friday, ABL Life introduced a women’s life-cycle insurance product designed to provide coverage from pregnancy preparation through post-childbirth, as well as coverage for cancer diagnoses, including breast and uterine cancer, which women are more prone to develop.
The product also provides coverage for the costs of artificial insemination and in vitro fertilization (IVF) treatments for infertility.
“The new product is designed to comprehensively cover a wide range of health issues that may arise throughout a woman’s life cycle,” an ABL Life official said.
“We will continue to develop products that meet the increasingly specific needs of female customers, to make sure they can lead healthier and more vibrant lives.”
On Aug. 5, Hyundai Marine & Fire Insurance launched a similar product offering customized coverage for various stages of a woman’s life cycle, including pregnancy, childbirth, menopause, and aging.
During pregnancy and childbirth, the product focuses on covering breast, reproductive, thyroid and urinary diseases. At menopause, it includes coverage for bone diseases, sleep disorders, and mental health issues. In the aging stage, it focuses on coverage for muscle, joint, and brain disorders.
Last year, Hanwha General Insurance established a research center dedicated to studying the so-called femtech, or female technology, which refers to software or services tailored towards women’s health.
Financial authorities are also paying keen attention to products targeting women, as they have decided to include pregnancy and childbirth in insurance coverage.
The decision was made during a meeting of the Financial Services Commission (FSC), the country’s top financial regulator, and the Financial Supervisory Service, the financial watchdog, Aug. 8, where measures were discussed to improve insurance products in response to demographic changes, such as a low birthrate, aging population and an increasing number of foreign residents.
Traditionally, the question of whether pregnancy and childbirth should be covered by insurance has been uncertain, based on the notion that insurance is meant to protect against unforeseen events. This uncertainty has limited the development of related insurance products.
Following the latest decision by the authorities, more new insurance products that cover pregnancy and childbirth are expected to be launched within the year.
