President Ahn Man-soo of Samsung Fire and Marine Insurance Co.

Samsung Fire and Marine Insurance Co.(SFMI)  introduced a new non-life insurance product called “Healthy Life with Everything Gathered” five months ago, and the number of subscribers of the integrated insurance product has already surpassed 70,000. The value of the new subscriptions accounts for 948 billion won. The sales figures far surpassed the average monthly sales of similar products by rival firms, amounting to 4,000 to 7,000 cases, according to Samsung Fire officials.

They explained that the new non-life insurance product has been selling well due to its wider coverage and low cost. The integrated insurance product covers a wide range of insurance policies, including medical expenses, death and other expenses related to health. It also covers auto insurance, including situations related to driving and damage indemnity. The officials said customers don’t have to buy a number of other insurance policies, such as one for cancer and another for auto insurance, as their integrated product cover everything.

President Ahn Man-soo of Samsung Fire and Marine Insurance Co. has been pursuing the so-called Communication Management system as part of his management strategy, which has become the subject of envy in the financial community in Korea.

An outstanding example of his Communication Management system is a two-hour meeting with some 80 officers and staff held at a Korean traditional style house located below Mt. Nam in Seoul.

During a lunch meeting held after about two hours of walking around the house, a free discussion took place, where they exchanged ideas on how to improve the operation of the company. 

Ahn has been calling for “wide communication” management to make everyone in the company work for the best outcome for the company, which is to make a profit. For this reason, he held quarterly meetings for all of the officers and staff of the company in every quarter of the year.

In the January meeting, Ahn led the newly-appointed department managers and staff in a long walk to share ideas on management policies. In April, he led tours of Jongmyo, where the tombs of kings and queens in the Jeosun Dynasty are located, and through the roads around Seoul’s ancient walls. Later they settled down for a heart-to-heart meeting over lunch

Under the management style of the CEO, communication throughout the company has widened, leading to greater and more creative ideas through many channels, fostering a new and open corporate culture in the non-life insurance company.

“Lauding Taxi Internal Broadcasting” is a good example of what the CEO has been trying to bring about in the company’s operation, broadcasting the successful samples of the achievements of the insurance consultants and staff.

The latest sample involved a staff member who helped clear a customer’s name after he was accused of a hit-and-run. 

President Ahn was credited for turning the auto insurance sector around since he took over as the CEO in 2013. The sector had been losing money, but finally began to generate a profit from last year.

The net profit of the company has been rising since 2013, with net profit in 2015 surpassing 780 billion won. This year, profit is projected to climb to 870 billion won, due mostly to CEO Ahn’s Communication Management system.

President Ahn is surrounded by the officials and employs of Samsung Fire and Marine during a visit to the Namsan Traditional Village near Mt. Nam in Seoul on Sept. 24.(Photos: Samsung Fire)