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.
Samsung Life Insurance Co. will study various retirement fund products that can give high returns to customers, and therefore expects to introduce various new life insurance products.
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 of the product 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 after the financial crisis of 2008.
Samsung Life will take up the retirement fund life insurance products that guarantee earnings on the 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 growing, and the contract periods can be maintained for long time, which is very helpful to those who want their assets to grow stably.
The company’s plan to expand the retirement life insurance product is likely to have an impact on the industry.
Samsung Life has been devoted to protecting the lives and assets of people with its insurance services since its foundation in May 1957. Samsung Life has focused on making contribution to society and ultimately the nation, by promoting the culture that treasures family values. Samsung Life’s efforts have been recognized by Korea’s most prestigious National Customer Satisfaction Index (NCSI), as it has been ranked as the top institution for 10 consecutive years. As of December 2013, its assets have reached 193 trillion won, making Samsung Life the leading financial institution.
“We aim to become a global financial institution. Looking beyond the borders of Korea, we pursue quality and efficiency oriented growth strategy, continuously identify future growth engine, and further strengthen the competiveness of international business,” the company said.
Samsung Life has been the leader of the pension market for the past 30 years. When the retirement pension was introduced in 2005, Samsung Life had been armed with ample experience and knowhow, by being active in consulting and other related service.
Samsung Life has numerous pension specialists who have been acknowledged by global financial companies. As being some of the best, Samsung Life has a professional consulting team, valuation team, record management service, and business support team who are in charge of educating clients.
“We also have the greatest call center in terms of quality and quantity. As a result, Samsung Life has the most clients among all financial companies,” the company said.
“With the importance of staying loyal to the pension’s original purpose, we will always stay true. Therefore that is exactly what we have been doing these number of years. We will continue to work hard, and even more rigorously, in order to prepare the country for its future and its aging society,” the company said.
Samsung Life FC consults individual customers to find the optimum plan that could be applied to their life cycles. SA (Samsung Life Advisors), consultants who are dedicated to giving loans, TC (Total Consultant), AM (Agency Marketing), CM (Cyber Marketing), and other channels are there to help customers understand products.
Corporate Clients are becoming increasingly aware of company pension policies, private health insurance, selective corporate welfare policies (cafeteria plan) and other products designed for corporations.
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