Sung Dae-kyu, CEO of Shinhan Life, set “To the Next Level, World-Class Shinhan Life in 2022” as this year’s strategic goal, as well as achieving IT integration between Shinhan Life and Orange Life in February. CEO Sung announced his plan for 2022 in his New Year’s address on Jan. 3.
“This year, we need to employ a world-class life insurer strategy with strong spirit and lay the foundation for Shinhan Life’s success,” Sung said.
“The strategic goal is to reach the next level by way of Shinhan Life’s unrivaled and unique competitiveness.”
“We are facing a big challenge of Day 2 IT Integration in February,” he said, calling for successful IT integration as the world-class life insurer’s strategy is based on stable IT integration.
CEO Sung emphasized that Shinhan Life should boost its sales competitiveness, reinforce data, value and digital (D.V.D.) management, internalize its organizational culture in order to implement the world-class life insurer strategy
“The most basic thing in the course of the world-class life insurer strategy should start with strengthening field-oriented sales competitiveness,” Sung added.
“Based on our field-oriented sales competitiveness, we should work after thinking about what our customers want in their shoes.”
Shinhan Life has concentrated its enterprise-wide capabilities on D.V.D. management over the past two years, creating Shinhan Life’s competitiveness according to CEO Sung.
He stressed that Shinhan will further strengthen its D.V.D. management system this year to explore and develop digital innovation businesses, strengthen its value-oriented insurance competitiveness and set up a data-based management system.
The Shinhan Way, the current organizational value system, has been re-established as the Shinhan Way 2.0 at Shinhan Life,” CEO Sung said.
“Core values of Shinhan Way 2.0 are ‘right,’ ‘fast’ and ‘different’ which implies that Shinhan Life gets customers to always choose the right path, and produce excellent results through respect for differences while working and learning fast.
Meanwhile, Shinhan Life Vietnam, a Vietnamese subsidiary of Shinhan Life, is scheduled to open as early as the end of January 2022, said sources in the insurance industry.
Shinhan Life Vietnam obtained approval for its business from the Vietnamese government in February 2021.
Since then, it has undergone procedures such as setting up sales base and the recruitment of employees for a year and is finalizing the start of its business operations.
CEO Sung will deliver a congratulatory message during its launching ceremony through a video conferencing system.
“We have to go through a test process from the Vietnamese government for a year after obtaining approval, but we recently passed the process,” a Shinhan Life official said.
Shinhan Life Vietnam is a brainchild of CEO Sung. He paid much attention to the growth potential of the Vietnamese insurance market and has been very active in establishing a Shinhan subsidiary in Vietnam in the past three years.
According to the Vietnam government, the Vietnamese insurance market logged total insurance premiums of 184,662 billion dong (about 9,233.1 billion won) in 2020. The figure combined both life insurance and non-life insurance premiums.
It grew by about 405 percent over the past 10 years, enjoying a growth rate of more than 20 percent every year.
However, the potential of the Vietnamese insurance market is still huge due to a low insurance penetration rate in Vietnam.
Shinhan Life’s strategy is to strengthen its competitiveness in its main life insurance business locally through all channels that insurance companies can use.
The life insurer aims to shake the landscape of overseas life insurance markets by establishing customer-centered infrastructure and diversifying sales channels.
It plans to focus on settling in the Vietnamese insurance market by training local part-time and high-efficiency full-time financial consultants and establishing telemarketing infrastructure that sells insurance over the phone.
CEO Sung has been paying attention to the growth potential of the Vietnamese insurance market since he was the head of the Korea Insurance Development Institute.
In 2019, President Sung began to promote the establishment of a Vietnamese subsidiary upon taking office as CEO of Shinhan Life Insurance.
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