2015 Asia-Pacific Gold Winner - Hanwha Life Insurance
Company: Hanwha Life Insurance, Seoul, South Korea
Category: Company of the Year - Insurance
Entry Title: Hanwha Life Insurance
Hanwha Life Insurance Co., the new name for Korea Life Insurance, is implementing its vision to become “a global life insurer growing together with its customers.”
In 2015 , Hanwha Life Insurance, Korea’s first life insurance company , completed a 6 year plan to entering the global markets of China, Vietnam, and Indonesia.
China
• Hanwha Life entered the Chinese market successfully in 2012, the most competitive insurance market in the world.
• China-Korea Life Insurance Co. Ltd recorded initial premiums of 165.93 million yuan (29.1 billion won or US$26.41 million) at the end of November last year.
• The figure is the 2nd highest among 13 foreign insurance companies operating in Zhejiang Province.
• China-Korea Life Insurance currently has 570 insurance planners, and it sells endowment insurance and annuity insurance, which are preferred by locals, through bancassurance cooperation with China's largest banks. Also, it is accelerating to develop the collective insurance market in partnership with Zhejiang International Trade Group.
• China-Korea Life Insurance also employs 173 Chinese people in positions of sales managers and financial managers.. The company is planning to open six offices in Hangzhou, Ningbo, and Jinhua, and build its business network around the nation in earnest this year.
Vietnam
• Hanwha Life Insurance is the first Korean life insurance company to enter the Vietnamese insurance market, which it did in April 2009. This is also the first time that a domestic life insurance company invested a 100 percent share and established a local subsidiary.
• Through its localization strategy, the company employed nearly 230 locals, including a chief sales officer, financial managers, and sales managers.
• The contracts have grown sixfold from 30.8 billion VND in 2009 to 191.4 billion VND as of the end of November last year.
• The number of sales offices has also increased from five in 2009 to 41 at the end of November 2014, based in major cities such as Ho Chi Minh, Hanoi, Danang, and Can Tho. The number of life insurance planners has gone up from 450 to 8,435 as well.
• Hanwha Life Vietnam was the first Korean company to offer 10,422 life insurance cards to low-income families and donate 133 brick houses.
• Hanwha Life Vietnam has been granted the the Golden Dragon Award for 4 consecutive years from 2010 to 2013 for “Best quality products and services.” By the Vietnam Economic Times, VCCI, and the Ministry of Planning and Investment in Vietnam.
• An official from the company said, “By 2020, we will become one of the top 5 insurance companies.”
Indonesia
• Hanwha Life is the first Korean company to enter the Indonesian market. Hanwha Life established PT Hanwha Life Insurance Indonesia in Oct. 2013.
• As of the end of the third quarter of 2014, the assets of the company totaled about 10.8 billion won (US$9.81 million) and the imported premiums amounted to 670 million won (US$608,648.26). The company is organized with 3 headquarters and 13 teams.
• It opened five sales offices in major focus cities such as Jakarta, Surabaya, and Medan, and its 460 individual sales insurance planners sell equity-linked life insurance, educational endowment insurance, and health insurance.
• Establishing a group business organization, PT Hanwha Life Insurance Indonesia is now selling medical indemnity insurance and personal pension annuities to Korean and Indonesian companies.
• By the end of this year, the company will recruit 1,400 planners and open additional sales offices
• An official from the company said, “After 2007, Indonesia has shown an annual average of 16.6 percent growth. The density of life insurances is lower than the global average, and more people will buy life insurance due to the growing amount of middle class.”
Based on this successful overseas expansion, Hanwha Life Insurance is considering whether or not to enter other Asian countries like Hong Kong, Malaysia, or Singapore.
Supporting Materials:
http://www.hanwha.com/en.html/
http://www.businesskorea.co.kr/article/9395/overseas-expansion-results-hanwha-life-emerges-global-insurance-company-6-years-after
http://thejakartaglobe.beritasatu.com/business/south-koreas-hanwha-life-eyes-growing-insurance-market-in-indonesia/
http://www.businesskorea.co.kr/article/7165/global-management-hanwha-life-insurance-emerges-global-company