Hanwha General Insurance signs MOU with women's business group to boost femtech industry

Hanwha General Insurance announced Monday that it has teamed up with the Korea Women Entrepreneurs Association to lead the development of the domestic femtech (female technology) industry.

The two organizations signed an MOU titled "Agreement for the Promotion of Women's Economy and the Femtech Industry" at Hanwha General Insurance's Yeouido headquarters on July 24. The signing ceremony was attended by Hanwha General Insurance CEO Na Chae-beom, Korea Women Entrepreneurs Association Chairwoman Park Chang-suk, and other senior officials from both organizations.

Under the agreement, the two sides plan to support the growth of women-led businesses, broaden the foundation of the femtech industry and secure sustainable growth drivers.

Hanwha General Insurance will begin by identifying and nurturing promising domestic femtech companies, and will also help them expand into global markets.

The company will establish financial programs to help women-led businesses maintain a stable operating environment. It will also develop and market customized insurance products tailored to female customers, and pursue the creation of a fund to promote the femtech industry.

Additional plans include education and networking programs to strengthen the capabilities of women entrepreneurs, as well as wellness initiatives aimed at improving women's health and quality of life.

"The continuous innovation and drive of women-led businesses are a core engine for enhancing our society's competitiveness," a Hanwha General Insurance official said. "Through this agreement, we will provide close support for the growth of women-led businesses, broaden the base of the femtech industry to build a foundation for future growth, and strive to deliver better services to our customers."

Hanwha General Insurance has been ramping up its open innovation capabilities this year, accelerating efforts to build an AI-based women's wellness ecosystem. The latest MOU is part of a broader strategic push to go beyond simple startup support and uncover new customer experiences and business opportunities through collaboration with external innovators.

In 2023, the company established the LIFEPLUS Femtech Research Institute to conduct systematic and specialized research on women's health and develop women-friendly products and services. Its first output was Hanwha Signature Women's Health Insurance, a product exclusively for women. Since then, the company has secured more than 20 exclusive-use rights, strengthening its competitiveness in the women's insurance market.