Hanwha Life Insurance Holds 2020 Second Half Strategy Meeting: "We Must Prepare a New Game"

Strengthening Core Business Competitiveness and Future Strategic Direction
Selected as Two Major Core Tasks

[Asia Economy Reporter Ki Ha-young] Hanwha Life Insurance announced on the 3rd that it held the '2020 Second Half Strategy Meeting' via video conference to achieve the vision of 'Go to the No.1.'

Previously, about 160 representative executives and employees attended the management strategy meeting at Hanwha Life Park located in Yongin, Gyeonggi Province.

At this meeting, Ye Seung-joo, CEO of Hanwha Life Insurance, emphasized the difficult internal and external environment due to the novel coronavirus infection (COVID-19), the entry into a low-growth, ultra-low interest rate era of 0%, and fierce sales competition, selecting two core tasks to overcome the crisis: strengthening core business competitiveness and ▲future strategic direction.

To strengthen core business competitiveness, Hanwha Life plans to continue the Recruiting No.1 strategy that has been promoted since the first half of the year. In the first half of this year, Hanwha Life achieved the highest level in the industry in FP recruiting scale, and the exclusive channel sales organization size shifted to a clear upward trend. As the organization size increases, efforts will be intensified to manage efficiency such as retention rate and settlement rate.

In the product sector, which is the foundation of sales competitiveness, the company will expand the proportion of sales of profitable protection products such as GI insurance and cancer insurance. In particular, CEO Ye emphasized securing product competitiveness through differentiation of customer benefit services linked to products, not simply differentiation in interest rates and coverage. Hanwha Life is preparing to launch cancer insurance and dementia insurance that offer special services unique to Hanwha Life in the second half of the year. To strengthen sales competitiveness, an autonomous and independent sales organization operation system will also be established within the year.

For future strategic direction through discovering new business opportunities, the company will accelerate digital transformation and build a platform-centered business model. As the era shifts to untact, digital and platforms are judged to be the most fundamental and important core competencies not only to strengthen core business competitiveness but also to explore new business opportunities.

CEO Ye said, "Only by facing change and challenges head-on without avoiding them will it become the foundation for another growth," emphasizing, "All executives and employees of Hanwha Life must move together to 'Break the Frame' faster than competitors and 'Make New Frames'."

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