Hyundai Marine and Fire Insurance Co. was launched in 1955 as the first marine and fire insurance firm in Korea and led Korea’s non-life insurance industry for over six decades. This year the company reached a significant milestone when its assets surpassed 30.5 trillion won on Aug. 31 for the first time.
The marine and fire insurance firm’s management decided to pursue a new strategy to overcome the “new normal” age in Korea, which is characterized by low economic growth. The bottom line is to improve its long-term low-growth profit.
The company has been trying to set up various systems with which to improve the profitability of each of its insurance product sales channels. The company has also been working on a plan to improve all of its operational sectors, including the product development, underwriting and reimbursement, among others.
The non-life insurance firm has also been doing its best to boost profits from direct investments by strengthening its investment ability, and asset management risk control and at the same time, to reform its mid-to long-term investment structure so it can sustainably generate profits.
In July, the company integrated a number of its business sectors that were doubled up with each other and reduced the scale of operations to boost soundness and profit generation.
Officials of the company said the merger of its automobile insurance sales channels was to strengthen the online marketing activities to sell auto insurance policies and thus strengthen the company’s market domination.
The officials said they will also look for additional customers to buy their non-life insurance products who are called “connected buyers” through policyholders’ referrals. The expansion of the company’s overseas operation is also part of the company’s plan to turn itself around as a global non-life insurance firm. The company has been doing its utmost to expand its operations in such countries as China, Japan and the U.S. The company has been operating for nine years in China and recently got the host country’s approval for its plan to market new auto insurance products, rolling out the “responsible auto insurance product” strategy.
In the U.S., the company got licenses to operate in two more states in addition to the seven states it has been doing business in already.
Until 2012, the company sold insurance products jointly with local insurance firms, but from 2013 the company has been operating alone to sell its insurance products to strengthen its moves to localize its operation as much as possible.
The officials said the company will expand its operation to Europe and Southeast Asia in the future, not limited to the U.S., China, and Japan following careful studies in selecting the countries for operation.
Established in March of 1955, Hyundai Marine & Fire Insurance has been committed to developing the nation’s economy and improving citizens’ welfare.
“Since that time on, as a leader in the non-life insurance industry, we have been working hard to serve customers better in comprehensive insurance services including marine, fire, automobile, accident and casualty as well as long-term, pension and annuities,” the company stated.
Hyundai Marine & Fire Insurance is fulfilling its social responsibilities to customers, shareholders, employees, and communities by focusing intensely on improving customer satisfaction in product development, underwriting and claims.
“By 2015, when Hyundai Marine & Fire Insurance celebrates its 60th anniversary we hope to achieve our corporate vision of becoming the insurance company that grows with customers by delivering the best services and sharing the fruit of growth with all our stakeholders, President Park said in his statement on the home page of the company’s Internet.”
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