President Kim Chang-soo of Samsung Life Insurance Co. has won the Board of Directors recommendation to serve another term, pending the shareholders’ approval when they meet later this month.
He was promoted to take over as the president of Samsung Fire and Marine Insurance in 2012 and appointed to the current position in 2014. The company, in the meantime, decided to abolish the permanent auditor’s position and named advisor Huh Kung-wook of Taepyongyang Inc. as non-permanent auditor.
Huh is a former First Vice Minister of the Finance Ministry, and former deputy ambassador to the OECD who has abundant experiences in diverse areas of financial policies. Samsung Life has been devoted to protecting the lives and assets of the people with its insurance services since its foundation on May 1957. Samsung Life has focused on making contributions to society and ultimately, the nation, by promoting the culture that treasure family values.
“Our efforts have been recognized by Korea’s most prestigious National Customer Satisfaction Index (NCSI) as we have been ranked as the top institution for 10 consecutive years,” according to the company. “As of December 2013, our assets have reached 193 trillion won, making Samsung Life the leading financial institution, President Kim said in his statement the company’s Internet homepage.”
Samsung Life has predicted that competition between financial institutions will be more intensified due to increased social interests in an aging society and retirement. In this regard, Samsung Life has vowed to ensure its competitive advantage by developing products and services that suit the needs of Koreans and society based on differentiated research and expertise.
Samsung Life said it has enhanced its product competitiveness in the retirement market by developing new investment vehicles and new guarantee options for variable insurance products.
“To start, we diversified our variable pension fund portfolio and developed new guarantee options,” it said. “We then diversified premium payment methods and segmented product offerings by customer group, while developing new and independent retirement accounts (IRA) that come with an annuity rider. Finally, we increased the portion of long-term investments in riskless assets and discovered new profitable investment targets, reinforcing our overall investment competencies.”
To promote a culture of preparing for retirement, Samsung Life is focusing on providing information on both financial and non-financial services through publication and the media. Through these channels, it has secured differentiated competitiveness in terms of brand awareness and public confidence compared to other financial institutions.
Building a marketing system for the retirement market Samsung Life provides a wide range of contents dedicated to retirement planning through “Smart Life Design,” providing relevant services on finance, health and leisure for our customers who retired or preparing for it.
“Furthermore, we are raising our brand power in the retirement market through our non-financial services that provide services where all family members can benefit from, including parents and children in 2015,” Samsung Life said.
Samsung Life has promoted overseas business and established a company-wide consensus through a regular seminar called global forum. By sharing issues associated with overseas business through close cooperation between the Planning Team and the Overseas Business Team, Samsung Life utilizes it as an opportunity to bring implications on overseas business, including examples of success or failure and market changes found in the emerging market. “Meanwhile, we plan to make exchanges between Asia’s top insurers on a regular basis to establish strategic relations in 2015.”
