Park Han-sol reports on Korea's financial regulators, along with fintech and insurance. She previously wrote about the art world, from biennales and exhibitions to fairs and auctions, with a focus on Seoul and the figures shaping the scene. Before joining The Korea Times, she spent a year at ABC News' Seoul bureau, contributing to coverage of major Asia-Pacific events.
Hanwha Life partners with Severance Hospital on integrated dementia care
Hanwha Life Insurance President and CEO Lee Kyung-keun, second from left, and Severance Hospital General Director Lee Kang-young, third from left, pose after signing a memorandum of understanding to build a more integrated care model for dementia at 63 Square in Seoul, Tuesday. Courtesy of Hanwha Life Insurance
By Park Han-sol
Hanwha Life Insurance signed a memorandum of understanding with Severance Hospital to build a more integrated care model for dementia as Korea grapples with the challenges of a rapidly aging population, the insurer said Wednesday.
Dementia has become one of the country’s most pressing health challenges, placing growing financial and emotional strain on patients, their families and the health care system.
The agreement aims to bring together the insurer’s financial expertise and the hospital’s medical capabilities to develop an integrated framework spanning prevention, early detection, treatment and insurance protection for Alzheimer’s disease and other age-related neurocognitive disorders.
Hanwha Life, one of Korea’s three largest life insurers, said it will draw on its client base of 5.5 million policyholders, while Severance Hospital will contribute its expertise in research and clinical care.
The two organizations plan to incorporate the latest medical research into future insurance products and jointly develop Severance-certified training programs to strengthen professional expertise in care for neurocognitive disorders. Over the longer term, they will explore artificial intelligence (AI)-based initiatives and broaden community outreach programs.
“This partnership marks an important step in bringing together the two sectors to jointly address the growing challenge of dementia,” Hanwha Life Marketing Director Lee Jong-ho said. “By combining our respective strengths, we aim to build a more comprehensive support system and contribute to the country’s broader policy efforts."
Following the agreement, the insurer also launched a new product on Wednesday focused on dementia treatment and long-term care.
Unlike many existing policies that combine coverage with retirement savings, the new offering is a protection-only product, meaning premiums are dedicated entirely to insurance coverage, rather than including a savings component.
It also broadens benefits for long-term care, including coverage for both home-based care services and residential care facilities.