Hanwha Life, Reorganizes 60% of Business Headquarters into Digital and New Business Areas

[Asia Economy Reporter Oh Hyung-gil] Hanwha Life announced on the 15th that it has carried out an organizational restructuring focused on the digital sector to enhance future competitiveness.

First, the structure changed from 13 business divisions with 50 teams to 15 business divisions with 65 teams. Among the business divisions, nine were organized to focus on digital and new business initiatives. Of the 65 teams, 39 belong to these divisions, meaning over 60% of the business divisions have been reorganized into digital and new business areas.

Among the total 56 executives, 22 are responsible for digital and new business. The average age is 45, which is younger compared to the overall executive average age of 53, strengthening the company’s capability to respond to changes in the digital financial environment, the company explained.

Additionally, the organization was restructured from a management-centered system to a performance and project-centered system. Regardless of rank, the person most suitable and specialized for the given task becomes the project leader.

This means that the optimal person for the task becomes the project leader regardless of rank, and project leaders are granted the authority to involve executives as team members in the project organization if necessary to achieve results.

Hanwha Life also reorganized future-oriented organizations for discovering new businesses, such as the Technology Strategy Office, Big Data Office, OI (Open Innovation) Promotion Office, and MI (Market Intelligence) Office.

The Technology Strategy Office focuses on strengthening core competencies in future insurtech and transforming the company into an insurer integrated with digital technology.

To this end, it is recruiting key personnel and guru-level IT experts in artificial intelligence (AI), future new business strategy, and O2O services (marketing connecting online and offline) from companies like Naver and Kakao. The goal is to launch multiple digital new businesses within the year.

The Big Data Office promotes customer analysis based on big data and digital-based customer management accordingly.

The OI Promotion Office plays a role in enhancing new business momentum by discovering new items and verifying the commercialization of products and services under development, while the MI Office collects various domestic and international information and provides insights across the company.

In the sales sector, an organization was established to proactively respond to the digital environment. The plan is to enable insurance agents to conduct insurance sales using only smart devices without commuting to insurance company branches.

This organizational restructuring was led by Executive Director Kim Dong-won, who serves as Hanwha Life’s Chief Digital Strategy Officer (CDSO). Since August last year, Director Kim has been leading and advising digital policies and operations as the CDSO of Hanwha Life.

A Hanwha Life official said, "In response to the untact (non-face-to-face) era brought by COVID-19, environmental changes such as the realization of zero interest rates, increased volatility in global financial markets, market saturation in insurance, the expansion of large GA’s market dominance, and the entry of ICT companies like Kakao and Toss into finance, we attempted to transform into a fast and flexible organization amid intensifying competition surrounding the insurance industry."

This content was produced with the assistance of AI translation services.