Insurance Industry and Insurtech Report — 2026-07-07
Korea's insurance sector is shifting from "payer" to "health manager" by adopting digital healthcare solutions. Globally, Philips is turning India into an AI healthcare hub, intensifying competition. For the industry to grow, Korea must address regulatory hurdles and build better data collection systems.
Insurance Industry and Insurtech Report — 2026-07-07
Trends in the Korean Insurance Industry
Accelerated adoption of AI-powered smart bed monitoring in underserved medical areas
Gijang Hospital, in partnership with Daewoong Pharmaceutical, has implemented "thynC," an AI-based smart bed monitoring system. This is seen as a pioneering move to upgrade medical infrastructure in regions with limited access to healthcare.
Deepening discussions on patient data usage amid regulatory barriers
Digital healthcare companies in Korea are increasingly abandoning domestic operations or pivoting to other fields due to strict regulations. Patient data-driven clinical support solutions, which are permitted in the U.S., face significant hurdles in Korea’s current regulatory landscape. Industry experts emphasize that enacting a "Digital Healthcare Act" is essential to promote data utilization.
Global Insurtech and Healthcare Achievements
India emerges as a global hub for Philips’ AI healthcare solution development
Philips is now developing over 85% of its AI healthcare solutions in India, focusing heavily on AI technology for diagnostics. This highlights India's status as a central pillar of global health-tech innovation.
Asia-Pacific MedTech market projected to reach $13.2 billion by 2030
The Asia-Pacific medical device (MedTech) market is expected to grow to $13.2 billion by 2030, driven by an aging population, the rise of chronic diseases, and healthcare worker shortages.
Asia remains the world’s largest life insurance market
According to research from Allianz, Asia continues to be the world's largest life insurance market. Singapore recorded a 10.7% year-on-year growth in 2025, reaching a total of €3.97 billion in premium income.
Market Insights and Analysis
The trend of insurers shifting toward "health management"
These cases demonstrate that global insurers are moving beyond their traditional roles as simple compensators, restructuring their business models to build platforms for preventive medicine and health management. The entry of Korean insurers into AI-based smart bed monitoring and the investment of global firms in diagnostic and health tracking technology reflect this strategic pivot.
The importance of data sovereignty and regulatory standardization
The establishment of Philips’ development hub in India and the ongoing debates over Korean digital healthcare regulations suggest that the growth of the insurance-healthcare nexus depends entirely on data accessibility and the regulatory environment. Given that Korea lags behind developed nations in collecting health and medical big data, it is urgent for the government to enact a Digital Healthcare Act and establish clear standards for data utilization.
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