Allianz launches healthcare app
By Kim Jae-won
Lee Myung-jae, Allianz Life Korea CEO
Allianz Life Korea has launched a healthcare app that checks blood pressure, heartbeat and exercise, helping policyholders improve their health.
The Korean unit of the Munich-based global insurance company is providing the service through its “AllRight Coach by Noom” app, in cooperation with the U.S. mobile healthcare provider.
“Customers can get indications on their health through the app, which can be connected to wearable devices,” said Lee Myung-jae, CEO of the insurer. “We plan to cut premiums to policyholders based on the information.”
It is first time a local insurer has provided such a service. Allianz said only one insurance firm, based in New York, is providing a similar service.
Lee said the company wanted to be the No. 1 global insurer in the local market by satisfying consumers and improving the quality of its services.
Allianz cut the number consumer complaints by more than 30 percent last year from a year ago, Lee said.
The CEO said the company’s performance improved last year as its total recurring premium rose 16.9 percent from the previous year.
Lee admitted that current business circumstances are tough for insurers, but he vowed to change crisis into chance. “Korea is becoming an aging society, and we seek to exploit it by focusing on rich senior citizens and families having a small number of children,” he said.
Lee was in charge of the insurance company’s market management in the Asia-Pacific region before taking the helm of the local unit two years ago.
Meanwhile, the company has introduced a variable universal insurance product that focuses on a customer-friendly concept. The Allianz Team Challenge Variable Universal, which started selling on Wednesday, will have six asset managers whose teams compete with each other. The ultimate object is optimal investment returns.
“The six teams manage assets by making the best use of each company’s management know-how and network within the preset risk level,” the company said. “Since they have to stay within 10 percent of their target volatility, they refrain from investing in highly risky assets.”