Seoul Guarantee Insurance (SGI) held an annual meeting of the Asia Guarantee & Credit Insurance Association (AGCIA) with 12 member companies from eight Asian countries in attendance, SGI said on Oct. 21.
Incorporated in April 2020, AGCIA is a new block community established under the vision to promote guarantee and credit insurance services throughout all Asian region and thereby contributing to the economic advancement and overall welfare of Asia.
Guarantee insurance and credit companies from major Asian countries participate in AGCIA. They include China, Indonesia, Vietnam, the Philippines, Singapore, Malaysia and Mongolia.
The non-face-to-face annual meeting of AGCIA was streamed live online. The meeting approved AGCIA’s business plans for next year and the joining of three new member companies in Singapore, Malaysia and Mongolia on the top of the nine current member companies.
The annual meeting coincided with a special lecture, titled “Guarantee Insurance Industry and Digital Transformation,” reflecting recent major digital trends.
AGCIA Chairman Yoo Kwang-yeol said, “AGCIA is a platform to share information among Asian guarantee insurance firms, infrastructure to share diverse information for the introducing and boosting of a guarantee insurance regime in Asia and pursue shared growth.”
Yoo said SGI will not spare efforts to provide its utmost efforts to promote the development of AGCIA and member companies.
SGI, the world’s third largest integrated guarantee insurance company, took the initiative in the establishment of AGCIA.
SGI now chairs the board of directors of AGCIA. SGI President Yoo Kwang-yeol was elected as AGCIA chairman this past January.
SGI has made continued efforts to transfer the roles of knowhow SGI has in the course of Korea’s economic development to the whole parts of Asia.
As part of these efforts, SGI become the first foreign non-life insurer to establish a branch in Hanoi, Vietnam, in 2014, exporting a guarantee insurance system.
In June 2021, SGI has been spreading a guarantee insurance regime to Asia by completing the establishment of a representative office in Jakarta, Indonesia. SGI is also seeking to set up an insurance management company in the United Arab Emirates.
SGI plans to implement global strategies without interruption through equity investment into overseas incorporated entities.
President Yoo Kwang-yeol of Seoul Guarantee Insurance (SGI) participates in an annual meeting of the Asia Guarantee & Credit Insurance Association taking place at a metaverse platform via his smartphone.
SGI Expands Digital Management Using Metaverse
SGI said on Nov. 1 the guarantee insurance company was expanding digital management using metaverse platforms. SGI held a meeting to implement digital strategy tasks using a metaverse platform in August.
SGI executives and staffers participated in the meeting as avatars to have diverse discussions. SGI had a session to explain about its hiring of freshmen employees for the second half of 2021 and hold consultations via an on-line job fair using a metaverse platform in September.
SGI hosted a forum inviting Prof. Kim Sang-gyun of Gangwon National University, a Korean metaverse expert, on Sept. 8.
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