Samsung Life Insurance announced on the 11th that it will launch the 'Samsung The First Health Insurance' starting on the 12th. This product provides comprehensive health insurance coverage for major three diseases, including cancer, cerebrovascular, and cardiovascular diseases, as well as circulatory diseases.
The First Health Insurance has strengthened its coverage for major three diseases and circulatory diseases. For cancer, when signing up for the 'Integrated Cancer (including metastasis) Diagnosis' rider, it offers coverage for each cancer type, subdivided into 9 areas, without distinction between primary cancer and metastatic cancer, limited to the first time for each type. When signing up for the 'Major Cancer Treatment Coverage (one time per year by treatment, 10 years after diagnosis)' rider, it covers cancer surgeries, chemotherapy, radiation therapy, and anticancer drug therapy, providing assistance for costly, overlapping non-covered treatments.
It has also strengthened coverage for the diagnosis and treatment of major circulatory diseases. In addition to the diagnostic insurance benefits for major circulatory diseases, it is possible to choose riders that cover major treatments for circulatory diseases, including surgery, thrombolytic therapy, and covered thrombectomy.
The use of artificial intelligence (AI) optical character recognition (OCR) technology in product development has also attracted attention. AI OCR refers to the technology that converts text in images to a text format that a computer can recognize, and Samsung Life Insurance has utilized its own database of over 6 million medical records extracted using AI OCR technology to develop risk rates. It has introduced a rider that covers specific diseases in line with the gender of the insured for Da Vinci and Levo Eye surgeries.
The First Health Insurance allows for a 'family combination discount' when signed up with family members. If two or more family members sign up for the 'family combination discount' after one month from the contract date, they will receive a 5% discount on the monthly premium paid thereafter. This applies when the monthly premium is 40,000 won or more, and the family members eligible for the discount include the insured's spouse or direct descendants.
This product also encourages customers to maintain their health by introducing a 'no-claim customer conversion system,' which lowers premiums if the customer's health improves after signing up. For instance, if a customer applies for the simplified notification type 3.5.5, which asks for a doctor's opinion within 3 months, hospitalization or surgery within 5 years, and confirmation of diagnosis for six major diseases (cancer, cirrhosis, angina, myocardial infarction, stroke, and heart valve disease) within 5 years, they can convert their contract to a simplified notification type 3.10.5, standard type, or health notification type (7 years, 10 years) without terminating their contract if their health condition improves over a certain period (1 to 5 years). The minimum age for signing up for The First Health Insurance is 15 years and the maximum is 75 years, with a payment period that can be chosen between 10 to 30 years.
A representative of Samsung Life Insurance said, 'The First Health Insurance discounts the premium when families enroll together, and also allows for a reduction in premiums with continuous health management,' adding, 'We expect it to establish itself as a representative health insurance product of Samsung Life Insurance that suits all family members.'