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| Shinhan Life CEO Sung Dae-kyu, left, and KB Insurance CEO Kim Ki-hwan / Courtesy of each company |
By Anna J. Park
KB Insurance and Shinhan Life are expected to fiercely compete in the healthcare sector as the two strengthen their presence to take the advantage in the growing market. Their moves are in line with the financial authorities' recent decision to support local insurance companies' further advancement into healthcare.
Shinhan Life is planning to newly launch a digital healthcare subsidiary within this month. The new firm's name will be Shihan CubeOn. Some insiders view that Choi Seung-hwan, head of Shinhan Life Digital Innovation Group, is likely to be appointed to head up the new subsidiary.
Shinhan CubeOn is set to provide healthcare services through an artificial intelligence (AI) based mobile home fitness application. Through the digital platform service, the digital healthcare firm aims to expand its business in the fitness and nutrition markets.
Shinhan Life is also strengthening its partnership with other major companies in the healthcare sector. The life insurance company cooperates with Lunit ― an AI-based software company devoted to advanced medical image analytics ― to provide cancer diagnostic services, while the company is also working with Korea University Medicine on a deeper analysis of healthcare-related big data.
"Even if the healthcare sector does not yield immediate profits, the company plans to conduct long-term investments into the sector with a future vision," Shinhan Life CEO Sung Dae-kyu said.
KB Insurance is also expanding further into the healthcare sector. The firm's subsidiary KB Healthcare recently signed a strategic partnership with BITcomputer, an IT-based medical information services company, and Theragen Bio, a biotech company focused on precision medicine. KB Helathcare plans to pursue the B2B healthcare business with BITcomputer, while it jointly develops gene analytical services with Theragen Bio. The healthcare subsidiary of KB Insurance also plans to jointly develop customer-tailored nutritional service with ALGOCARE, a nutritional solutions firm.
"The firm will continue to expand its strategic partners for the business growth," KB Healthcare CEO Choi Nak-cheon said.
