Hanwha General Insurance applied to the Financial Supervisory Service for approval of a mobile app-based pregnancy and childbirth health management information service, according to the insurance industry on July 29. The service is scheduled to launch in October and will provide pregnant women and general female users with weekly maternal and fetal development information, health checkup guidance by period, diet and weight management, and customized wellness programs. The company has been strengthening its position as a women-focused insurer by expanding into healthcare and femtech (female health-related technology) beyond simple product sales.
Hanwha General Insurance Applies for Mobile Health Management Service Approval
Hanwha General Insurance recently submitted an application to the Financial Supervisory Service for ancillary business authorization related to a mobile app-based pregnancy and childbirth health management information service. The service, scheduled to begin in October, will target pregnant women and general female users. It will provide information on maternal and fetal development by pregnancy week, health checkup guidance by period, diet and weight management features, and customized wellness programs.
Company Establishes Femtech Research Lab and Secures Exclusive Product Rights
Hanwha General Insurance has concentrated on women-specific insurance products. In 2023, the company became the first in the industry to establish the 'LIFEPLUS Femtech Research Lab' and launched its signature women's health insurance product. Over approximately three years, the company secured more than 20 exclusive use rights related to women-specific products and special terms, establishing distinctive competitive advantages. In the current year, the company secured six exclusive use rights, with five related to women-specific coverage.
Hanwha General Insurance signed a memorandum of understanding (MOU) with the Korea Women Entrepreneurs Association to actively pursue femtech industry development. The company plans to create a femtech ecosystem through discovering and nurturing promising domestic femtech startups and developing customized financial and insurance products.
Q1 Revenue Reaches 1.9716 Trillion Won with 22.5% Year-over-Year Growth
The women-focused strategy has translated into revenue growth. Hanwha General Insurance's Q1 revenue reached 1.9716 trillion won, up 22.5% from the same period last year, driven by expansion in women's and senior insurance products. During the same period, monthly average long-term protection new contracts reached 8.03 billion won, an increase of 23.6%.
According to the consensus compiled by Yonhap Infomax from major securities firms' earnings forecasts, Hanwha General Insurance's Q2 net profit is projected at 92.5 billion won, up 15.81% from the same period last year.
An insurance industry official stated, "Hanwha General Insurance is expanding revenue centered on high-value-added products through its women-focused strategy," adding, "The company is achieving differentiation by focusing company-wide capabilities on women-specific offerings."
FAQ
When will Hanwha General Insurance launch its pregnancy health management mobile app service?
The mobile app-based pregnancy and childbirth health management information service is scheduled to launch in October. The company recently applied to the Financial Supervisory Service for approval of this ancillary business.
What exclusive product rights has Hanwha General Insurance secured for women-specific insurance?
Over approximately three years, Hanwha General Insurance secured more than 20 exclusive use rights related to women-specific products and special terms. In the current year alone, the company secured six exclusive use rights, with five related to women-specific coverage.
How did Hanwha General Insurance perform financially in Q1?
Hanwha General Insurance's Q1 revenue reached 1.9716 trillion won, representing a 22.5% increase from the same period last year. Monthly average long-term protection new contracts reached 8.03 billion won, up 23.6% during the same period.
