The number of customers using payments made into Woongjin Prealife's funeral service plans for travel has more than doubled from a year earlier. New sign-ups for travel-only products rose about 15-fold over the same period.
Woongjin Prealife said on the 21st that the number of conversion service transactions from January through August rose about twofold from a year earlier. The conversion service allows customers to apply money paid into a funeral service plan toward other life-care services such as travel, weddings and education. Travel accounted for 75% of all transactions, and travel use more than doubled from a year earlier.
Growth in sign-ups for travel-only products was even steeper. New contracts from January through August rose about 15-fold from a year earlier. Under the products, customers pay travel costs in installments and then choose their own timing and destination for services such as cruises. Prices are locked in at the time of the contract, so customers pay nothing extra even if travel costs rise later.
Woongjin Prealife said a chartered cruise it operated directly in June also helped expand travel demand. The cruise departed Busan on June 19 for a seven-day, six-night itinerary calling at Hakodate and Otaru in Japan. The company chartered the Costa Serena from global operator Costa Cruises and provided a Korean-language onboard newspaper and menus, Korean food options, Korean-speaking tour leaders and a dedicated customer service desk.
Woongjin Prealife is broadening the use of its funeral-centered service plans into travel, weddings, education and health care. After joining Woongjin Group last year, the company relaunched under the Woongjin Prealife name and has been accelerating its expansion into the life-care business.
