V.Chmn. Choi of Mirae Asset Life to Stir Up the Industry With Innovative Products
트위터 페이스북 미투데이
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V.Chmn. Choi of Mirae Asset Life to Stir Up the Industry With Innovative Products
Chmn. Park shows great trust in the new CEO for his imaginative management strategies to shake up the company

28(Thu), Feb, 2013



Chmn. Park shows great trust in the new CEO 


Vice Chairman Choi Hyun-man of Mirae Asset Life Insurance Co. took over the top spot of the life insurance affiliate of the Mirae Asset Financial Group, following the departure of former vice chairman Koo Jae-sang in November 2012.
Group Chairman Park Hyeon-joo called Choi while he was holding a morning meeting with top executives of the life insurance company in New Delhi, telling him that they should continue to possess the icon for reform for customers in a show of encouragement and trust in the vice chairman and CEO of the life insurance affiliate.
The chairman wanted to show his trust in the new CEO to quell rumors of a split among the three founding members of the Mirae Financial Group after Koo abruptly quit the life insurance company and also to show his support for the vice chairman’s drive to reform the operation of the life insurance arm of the group by calling him from India where he was on a business tour.
The life insurance industry has been alarmed by what the vice chairman has been doing ever since taking over management of the company, and other life insurers nicknamed him “catfish in a fish tank,” as he is likely to shake up the industry in the days to come.
The industry is seen as being trapped by its traditional practices, unable to make changes in its operations for years and follow the flow of the ages that calls for more transparent management amid ever more intense competition.
Choi introduced a new life insurance product for the first time since taking the helm at management, allowing a cut in operational expenses through seven years of installments, along with cuts in other fees, so that the customers can get more money back. The new life insurance product appealed to customers because traditional life insurance products allowed the insurance firms to collect around 10 percent of the insurance premium in the name of “early operation expenses” within a year, making the customers feel betrayed.
For example, the new product allows the policyholders to collect 92.2 percent of the paid premium when they cancel the policy compared to 20.4 percent for existing products.
Vice Chairman Choi played the role of a catfish many times before he came over to the life insurance company. When he was managing Mirae Asset Securities, he came up with the home trading system in 2000 soon after he became the CEO of the company and cut fees by about 80 percent, shocking the securities circle, who referred to it as the “Big Bang.” He reduced the fee to 0.029 percent from the 0.5 percent generally charged by securities firms at the time. Angry rival securities firms protested with some of them making threatening phone calls. But customers loved it and flocked to Mirae Asset Securities as Choi led the company to care for customers only, disrupting general industry practices.
Choi joined Hanshin Securities in 1989 and was made the manager of the Seocho Branch of Dongwon Securities, one of the key districts in Seoul where rich people live. He met Chairman Park Hyeon-joo when he was with Hanshin Securities and joined him in setting up Mirae Asset Financial Group in 1997. 
He led a number of key affiliates of the group as CEO, including Mirae Asset Management, Venture Capital, and Securities. Choi now said he likes his current job as the CEO of the life insurance company the best.
What he likes about the current job is how the company prepares safe and stable lives for its customers in this day and age of low interest rates and low growth combined with lots of uncertainties. The concept of the life insurance firm is to help its customer prepare for their future lives.  
   
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