Samsung Life Insurance Co., the big brother in the life insurance industry, unveiled its vision to be reborn as a customer-oriented life insurance company and boost its total assets to 500 trillion won with annual sales of 100 trillion won in 2020 to rank as the 15th largest life insurer in the world.

The daunting figures are more than three times more than its annual sales of 26 trillion won and total assets of 146 trillion won as of 2010.

President Park Keun-hee told reporters following the announcement of the 2020 Vision at the company’s head office in downtown Seoul on March 6 that Samsung Life’s biggest target is to be reborn as a global partner centering its business around customers.

The CEO feels that life insurance should help the policyholders’ lives to be affluent and the company’s new vision includes his ideals on what life insurance policies should do for the holders’ lives. The new Vision comes a year after he took over management of the nation’s largest life insurance firm.

As part of the strategy to push the 2020 Vision, Samsung Life will simplify the process to pay insurance money so that the portion of the payment will be increased and paid on the same day it is requested. Park said the company will focus on the sale of retirement and savings-type insurance products at home, expanding cooperative ties with other financial institutions like banks and insurance agencies. In order to nurture these future growth engines Samsung Life should strengthen its operations abroad such as Thailand and China and other emerging countries in Asia as well as advanced countries. 

Park will preside over a monthly policyholders committee meeting. He will see that customer interest will take priority over corporate interest and customers will come first in the development of life insurance products and in insurance planners’ channels, he said.

The CEO also commented on a number of events that took place in the industry of late including ING Life’s moves to take over the Asia-Pacific law firm, the launch of NH Life Insurance, and the opening of Samsung Family Office as the head of the largest life insurance firm in Korea.

He said ING Life has been doing fine in its operations in Asia and he did not have direct contact with ING Life on the matter since the talks got started from the investment banking side and the company is yet to make formal moves. He also said he did not have any contact with Chairman Euh Yoon-dae of KB Financial Group who proposed a joint takeover of the Asia-Pacific law firm with Samsung Life.

Park also expressed his optimistic opinion on the successful operation of Samsung Family Office, designed to cater to the rich people in southern Seoul around Seoch-dong. He said the first customer for the office since its opening in January was a U.S. consultant who owns a building worth some 10 billion won. He also added that first generation businessmen in their 70s who head many of Samsung Life’s cooperative firms are worried about their successors.

Park also said Samsung Life can cooperate with NH Life Insurance on the sales channels for bancassurance, adding that he praised NH Life’s instant sales of retirement insurance policies to senior farmers and that they can expand the sale of bancassurance through NH Bank.