With the running population surging, Korea's financial industry is targeting the so-called "healthcare finance" market that combines exercise with financial services. Products offering preferential interest rates for meeting exercise goals and covering injury risks that may arise during workouts have emerged, intensifying competition aimed at runners.
According to the financial industry Wednesday, financial firms' product strategies are changing as running takes root as a lifestyle culture. Products linking exercise habits and health management to financial benefits, going beyond simple savings or coverage, are being launched one after another.
KB Kookmin Bank introduced the "KB Run Savings." The six-month product allows flexible deposits ranging from 10,000 won to a maximum of 300,000 won per month. Preferential interest rates are applied differentially according to the distance run each month.
Shinhan Bank also launched the "Shinhan Sneakers Savings" with a limit of 100,000 accounts. The flexible installment savings product has a subscription period of 12 months. Customers can deposit up to 300,000 won per month, with the structure designed so that financial benefits grow the more consistently one exercises.
Hana Bank's "Run Hana Savings" provides preferential interest rates based on running records and fitness verification. Customers can deposit up to 300,000 won per month. The base rate is 1.8%, with a maximum rate of 6.0% per year.
The insurance industry is also expanding related products. NH NongHyup Life Insurance recently launched the "Exercise Soook NHe Injury Care Insurance." It covers fractures and cast treatment, as well as surgery for knee ligament ruptures and cartilage damage that may occur during exercise. The premium is 7,000 won for men and 5,500 won for women, with a single payment providing one year of coverage.
KB Insurance is selling the "KB Direct Fit-Tech Health Insurance," which links health management performance to premiums. Subscribers with no history of the three major diseases — cancer, myocardial infarction and stroke — can enroll with premiums up to 25% lower, with the product mainly targeting people in their 20s and 30s who have healthy lifestyle habits.
"As interest in health management rises, demand for products combining exercise and finance is also increasing," a financial industry official said. "In the future, customized financial services using exercise records and health data will expand further."
