Samsung Life Insurance Co. will focus on insurance products designed to help expand customers’ assets this year, along with guarantee and retirement products that the company pushed last year, the company said on Jan. 26.
The company will study various retirement fund products that can give high returns to customers, and therefore expects to introduce new life insurance products in those areas.
Life insurance industry sources said Samsung Life would focus on the sales of guarantee-type insurance products, such as retirement fund life insurance products. They said the life insurance company is expected to continue to hang on to its guarantee-type insurance products with its market share rising to 29 percent last year from 25.6 percent in the previous year, enough to recoup the negative results from the sale of fixed interest rate savings-type insurance products that many life insurance firms handled since the financial crisis of 2008.
Samsung Life will take up the retirement fund life insurance products that guarantee earnings on projected levels, seeing that its guarantee-type insurance products did well from the time they were put on the market. The product’s demand rises with the number of senior citizens increasing and the contract periods can be maintained for a long time, aspects which are very helpful to those who want to their assets to grow steadily.
The company’s plan to expand the retirement life insurance product is likely to have an impact on the industry. Officials of the company noted that the most important factor in the competition for the retirement life insurance product market is profitability
, and they have been studying ways to attract the attention of customers by coming up with new retirement fund insurance products that would give high earnings to holders.
The life insurance market sources projected that the market will heat up with a number of other life insurance firms jumping into the market with new retirement fund life insurance products.
Over the past half century, Samsung Life has emerged as Korea’s top insurer based on its commitment to providing the noble value of life insurance to its customers, President Kim Chang-soo said on the company’s website.
However, it is not easy for a company to sustain its growth for more than 100 years under the rapidly changing business environment.
Therefore, to grow further as a sustainable company, Samsung Life focuses all of its efforts on reaching the company objective of “maximizing the corporate value through qualitative growth,” and to firmly secure a position as the leading global insurer, the CEO said.
Samsung Life is strengthening its market position as the top Korean insurer by developing competitive insurance products and bringing innovation to its sales process.
Implementing righteous management in everyday life and actively carrying forward the overseas business that has high growth possibility is one of the methods on settling the groundwork as a leading global insurer, Kim said.
“We recognize the current difficulties we face as an opportunity to take a leap forward, and strictly comply to the following measures to create a virtuous circle of developing quantitative growth to qualitative growth,” the CEO added. “We are well aware of the fact that Samsung Life cannot exist without the love and trust of our customers. Our business activities start with our customers and end with their evaluation.”
He concluded that the company will continue to conduct various business activities to secure market competitiveness by placing customer value as a priority for business management.
