Hyundai Marine and Fire Insurance Co. captured the 2016 Dasan Financial Award in the Insurance Sector in recognition of its contributions to Korea’s social safety net, particularly with non-life insurance products that it developed and introduced for the first time in Korea, including a special kind of auto insurance and annual retirement insurance products. The non-life insurance company, since its launch in 1955, boosted its assets to 35.555 trillion won as of Nov. 30, 2016, on account of its new non-life insurance products that swept the market.
The non-life insurance firm has introduced new products to the market that are tailor-made for customers, including the Hyundai Marine and Fire Good and Good Children CI Insurance, which was exclusively for children and sold over a million policies due mostly to mouth-to-mouth publicity.
The non-life insurance product exclusively for children became the best selling insurance product for that year. The company followed it up with the Children Discount Auto Insurance Product, which discounts 7 percent of the premium if buyers have children 6 years old or younger, which also has been a favorite since its introduction to the market.
The company also attracted publicity when it launched a social contribution team for the first time in the non-life insurance industry in Korea, hosting a number of charity events including long-distance races for girls.
Hyundai Insurance was established in 1955 as the first domestic company to be wholly designated to marine insurance.
The company was a large-scale non-life insurance company that did its best to provide its customers with prompt insurance services with care. In 2006, despite the swift changing external environment, Hyundai Insurance tried to improve corporate value through steady sales growth, through elaborate risk management, improved business cost execution and the creation of stable asset management performances. In 2007, Hyundai Insurance developed competitive products to satisfy customers, and expanded new operations through selection-and concentration-based efficient usage of available resources, and laid the foundation to leap into a global financial group.
_소녀, 달리다.jpg)
A scene of the Marathon Race for Girls that Hyundai Marine and Fire sponsors every spring as part of its social contribution activities.(Photos: Hyundai Marine)
Organization & Subsidiaries
Around the nation, there are eight district divisions, 52 branch offices, 301 business offices, and 37 customer service counters. Also, 146 service center/claims teams have been secured. For overseas establishments, there are the Japan Branch Office (over 100 agents in Tokyo, Osaka, etc.), the U.S. Branch Office and Investment Company, the UK London Representative Office and the Lloyd’s Local Corporation, Ho Chi Minh Representative Office, Beijing China Representative Office, and the Hyundai Insurance (China) Co., Ltd. (March 2007).
Hyundai Insurance and Sustainability
“Based on our highest value of customer satisfaction, Hyundai Insurance’s management philosophy is to become a business that fulfills its social responsibilities to its interested parties and to the nation,” the company says. “Hence, under such a philosophy Hyundai Insurance is promoting a balanced development with regards to economic, social, and environmental responsibilities.”
Management Vision and Strategy
“Vision Hi 2010” embodies the status and confidence of Hyundai Insurance, the top Korean insurance company even when it’s in competition with foreign companies, by providing the best services, securing stable profit structure, and setting up a creative and liberal management system, according to the company. Through customer satisfaction, capital stability, human resource development, Hyundai Insurance says it will try to become the most competitive insurance company in Korea.
_현대해상 이철영.jpg)
