Shinhan Life Insurance Co. continues to get an AAA rating in a capacity to pay off insurance money. Its assets have kept growing since its launch in March 1990, now amounting to 21.3 trillion won as of the Dec. 31, 2014.
The result is the company won the Dasan Gold Financial Award in the life insurance sector for 2014 in recognition of its outstanding achievements.
The life insurance industry has been fighting low growth, low interest rates and low earnings — the so called the three lows — but it has turned these crises to advantages since President Lee Seong-rak began to run the company in May 2013.
He led Shinhan Life Insurance to change its corporate culture and get real benefits out of those crises through tight management. Shinhan Life, in fact, has been working to have its true operational culture and planners respect culture take deep roots — turning the crises into opportunities. Under the idea that the base for the life insurance business at jobsites is where things happen, the president himself and other key executives of the company began to make calls on customers, along with financial planners more than three times monthly.
Under CEO Lee management, a culture to respect financial planners has been growing fast. The strategy is centered around financial planners, as they are the ones who can make or break the company. Lee changed the regulations, systems and organizational culture centered around the financial planners, and also created a room for them to talk directly with the CEO from time to time.
The company launched the Respect for FC Culture Promotion Team and opened an exclusive welfare mall for FCs for the first time in life insurance industry in the hope that the FCs would get so moved from the company deep respect for their work that they would spread over to the customers when they meet them to talk business.
The company has also been creating a culture with customer satisfaction as the foremost priority in its marketing operation, stressing results as well as the processes, which is being applauded as a cultural revolution in the industry. Shinhan Life officials said they have to maximize the value of the life insurance business to survive amidst the rapidly changing business environment of the industry.
They have been at work for the mutual survival of customers, the company, employees and society in this fast changing business world. One of our missions is to benefit the world through the inherent role of finance,Chairman Han said in his statement on the company homepage. Shinhan Life is an affiliate of Shinhan Financial Group.The aforementioned inherent role of finance means helping customers achieve their goals through specially tailored financial products and services.
The management of a customer assets to deliver good returns can also be defined as one of the most important roles of finance. In order for us to overcome the era of low-growth and to solidify our Group raison d'tre, we need to look for better ways to achieve our fundamental roles,Han said. This is how we can increase the value of our customers.
As the value of our customers increases, so will the number of new customers we attract and this will eventually enhance our corporate value. Furthermore, when we help more customers to become successful and effectively allocate resources to wherever they are needed, the overall value of the society will increase as well,Han said.
Then the value of our customers improves along with the value of our company and the society at large, we will eventually achieve our mission of benefiting the world through powers of finance. I would like to call this Compassionate Finance 2.0 or Compassionate Finance for the Future, the chairman added.
