Samsung Life Insurance (032830.KS) is moving to monetize its health management platform "The Health." The strategy aims to expand a service previously centered on policyholders to general consumers, developing healthcare as a future growth engine. The company is expected to use its accumulated health data not only to develop insurance products but also to strengthen ties with its senior care business.
According to the financial industry on the 28th, Samsung Life plans to launch paid services for general consumers on The Health in the second half of this year. It is recruiting partner companies to provide health consultations and caregiving support, and plans to begin full-scale service around October.
The Health, a health management platform launched in 2022, provides exercise and diet management, sleep analysis, and mental health management functions. As of the end of last year, it had approximately 900,000 users. Previously, it focused on health management centered on improving lifestyle habits, but going forward it plans to expand into a comprehensive healthcare platform encompassing health consultations, hospital appointments, caregiving and nursing, and funeral support.
The target audience will also expand from policyholders and corporate clients to general consumers. Samsung Life has been developing a business-to-business (B2B) healthcare business, including operating a mobile health checkup reservation service for corporate employees last year, and going forward plans to accelerate its push into the business-to-consumer (B2C) market.
The move toward monetization is interpreted as a strategy to fully launch a healthcare platform business, beyond simply expanding supplementary services. As customers' health conditions improve, the incidence of illness and insurance payouts decline, lowering the loss ratio, while increasing points of contact with customers can also raise contract retention rates. The data accumulated during the health management process can also be used to develop customized insurance products and enhance services.
Synergies with the senior business are also anticipated. Samsung Life is expanding its senior business centered on its nursing care subsidiary Samsung Noble Life, and plans to link digital health management through The Health with offline care services to build a total life care system covering everything from prevention to caregiving and nursing.
