Preed Life, South Korea’s leading pre-need funeral services provider, strives to become a total life-care company. Photo courtesy of Preed Life

Preed vies to become total life-care company

According to Statistics Korea, the number of those who are aged 65 or older is expected to reach 10 million by the mid-decade, making the country one of the fastest-aging societies in the world.

This prompts people to pay more attention to the pre-need funeral services of which market continues to expand at an exponential pace here.

The advance payment secured by pre-need funeral service providers amounted to 4.78 trillion won ($3.6 billion) in 2018. But the figure rocketed to 7.9 trillion won ($6 billion) as of Sept. last year.

The customer base for the pre-planning services has also reached 7 million, with multiple players competing to win the lion’s share in Asia’s fourth-largest economy.

Leading the market is Preed Life, which strives to expand its business horizon to become a total life-care service provider.

Since its launch 21 years ago, Preed Life currently operates 139 offices across the country where more than 1,150 life planners are ready for services around the clock.

“Preed Life members have been at large-sized funerals where complicated coordination jobs were necessary,” a Preed Life official said. “We also worked at funerals of former presidents.”

After the outbreak of the virus pandemic, the Seoul-based outfit also braced for digital transformation so that people could mourn the deceased without having to meet face-to-face.

Without resting on its past success, Preed Life vows to tap into new businesses, such as weddings, birthday feats for senior citizens, cruisers, and home interiors.

Recently, Preed Life joined hands with AimMed to come up with dedicated healthcare services for senior citizens.

“In the aftermath of COVID-19, the market shows signs of changing fast. To keep abreast of the change, we are putting forth preemptive efforts to introduce digital solutions and provide total life-care services,” the official said.

“As a business bellwether, we will do our utmost to make the industry grow both quantitatively and qualitatively.”
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