Innovative L&H solutions to clients in Korea

An insightful market seminar in the theme of "Beyond the horizon: what's next?" was held by Swiss Re on 7 April 2011 in Seoul. Around 50 senior managers from the Korean insurance industry attended the event and discussed with Swiss Re representatives on how Swiss Re could assist them specifically in developing their health related and well being business in the Korea market.

"We observe an increasing ageing population in Korea and a lot of attention by the public on their own well being as they prepare for retirement. We also observe that Korea is one of the most advanced countries in terms of use of electronic medium with high penetration of wi-fi and mobile devices. This places a lot of challenges on the insurance industry to adapt faster to changing consumer needs and adapt faster to new forms of product distribution," said Darryl Pidcock, Director and Head of Swiss Re Korea Branch, commenting on why Swiss Re organized this conference.

The purpose of the event, Darryl said, was to share some of the key developments Swiss Re sees in the world, and with a particular focus on critical illness, product distribution and challenges for the industry in relation to ageing population, which are of high interest to clients in Korea.

Swiss Re experts, along with a guest speaker from Korea, shared their views at the conference:

  • Innovation cases in critical illness products and effective risk management in this field, where insurers would need to evolve new skills or work with their reinsurers to achieve the goal
  • The trends in health insurance in other countries, especially in UK and China
  • Practical cases on how clients could gain profit through effective portfolio management with data analysis
  • The mortality trend and the impact of the longevity risk in Korea
  • The current status of cancer in Korea and the role the insurance industry could play

Feedback from audience was highly positive. And Swiss Re is conducting in-depth discussions with clients to provide tailor-made solutions.

Published April 2011

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