The Samsung Group affiliate launched a subsidiary in Singapore and an office in Moscow to expand its global reach
Samsung Fire and Marine Insurance Co. has three major management strategies for this year with the first one being to become a leader of new changes and be reborn as a flexible and strong organization. First, the company aims to set up a culture of limitless challenge and speedy management to take a deep root based on responsible and self-disciplined jobsite management.
The company will also strive to build an open corporate culture with open communication for all sectors of the company. The company also will work for qualitative growth to take deep root through the expansion of a profit base and improvement in effective management.
Second, the company will always focus its policies on customer value to take preemptive measures to meet customers’ future expectations and changes in the market in the future. Customers should always come first in the minds of the company’s employees and the entire company should cooperate in reforming all facets of working for the company under the new vision.
Third, the local market should be explored to strengthen the company’s core capabilities. The automobile and general insurance sectors °™ the traditional territory of the non-life insurance industry °™ should be made advanced in a move to speed up the company’s global advancement strategy.
The key word in the vision is “customer” as the company tries to overcome a low-growth, low-interest period amid stiffening competition among non-life insurance firms stiffening while maintaining its growth momentum. With this as the base, the
company plans to create a corporate culture with free communication, an organizational culture for challenge and reform, and strength to endure crises.
First of all, the company will move to strengthen its customer base. Samsung Fire received an excellent response last year for its wise approach to expanding its market share by exploring the niche market in such areas as insurance products to cover various effects from diseases, and the company plans to market insurance products tailor-made for both young and elderly customers and step up its marketing campaigns.
The company’s core strategy is to create a variety of insurance products segregated from others through fusion in order to boost customer value as well as to reform business processes centered on customers in line with the trend toward customer protection, deepening the customer centered culture and strengthening the future growth base through strong communication.
Samsung Fire will also focus on its overseas operations to boost its profit as it now operates in 11 foreign countries with six local subsidiaries, six branches and seven representative offices in such countries as the United States, China, Vietnam, Indonesia, and Singapore, among others. The company has also clinched a license to directly sell its auto insurance policies locally in China from May 2. The Chinese government is further opening its domestic insurance market to foreign firms. Samsung Fire is the first Korean non-life insurance firm to sell auto insurance in China.
The company also launched a reinsurance firm in Singapore at the end of 2011 and has been working on a plan to make Singapore the base for the company’s operations in the Asian region as well as its global business launch base. With China opening its auto insurance market to foreign firms, the company has been working on marketing plans and ways to secure auto insurance customers in Singapore, expecting the city-state would follow China’s example.
The company also has become the first non-life insurer from Korea to open an office in Moscow, Russia, as its beachhead for its operations in the Central Asian region. The company’s overseas operation is based on its “2020 Global Top 10 Vision,” its strategy to be among the top 10 non-life firms in the world by 2020.
Established as Korea Anbo Fire and Marine Insurance Co., Ltd. on Jan. 26, 1952, the company was renamed Samsung Fire & Marine Insurance Co., Ltd. (SF&MI) in
December 1993. Regarded as Korea’s leading non-life insurance company based upon excellent distribution channels and claim settlement network, and distinguished risk management and financial soundness, the company operates in various regions including the United States, Europe, China, Indonesia, Vietnam, and Korea. The company aims to become one of the world’s leading financial service companies.
Samsung Fire & Marine Insurance will pursue sustainable growth together with all its stakeholders by securing global competitiveness through introducing advanced financial techniques, enhanced product development capabilities, innovative insurance marketing, advanced underwriting techniques, fostering employee competencies, and establishing an efficient compensation service system.
[photo A view of Samsung Fire and Marine Insurance Co. building in Seoul.]