Lotte Insurance "Strengthening Internal Staff Capabilities by Securing Professional Talent"

Lotte Insurance Building

[Asia Economy Reporter Oh Hyung-gil] Lotte Insurance announced on the 28th that it is recruiting professionals with specialized qualifications and industry experts across all areas including management, product development, underwriting policy establishment, channel strategy, and asset management.

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In preparation for the newly introduced International Financial Reporting Standard for Insurance Contracts (IFRS17) and the new solvency regime (K-ICS) in 2023, the number of actuaries was increased from 14 to 21, and in response to the strengthening of the internal accounting control system, three certified public accountants and one tax accountant were newly hired.

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Additionally, product and sales experts were recruited as executives, and a company doctor was hired to strengthen product development, underwriting, and claims review.

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As a result, although the total number of employees decreased by about 400 compared to before the major shareholder change last year, the proportion of employees holding work-related certifications increased by 2.6 percentage points from 16.3% to 18.9%. By field, there are 21 actuaries, 3 certified public accountants, 1 tax accountant, 1 U.S. lawyer, 1 medical specialist, 21 nurses, and 2 CFAs.

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A Lotte Insurance official said, "The vacancies created after the major shareholder change and voluntary retirement in October last year were filled with younger middle managers than before," adding, "Through securing professionals and strengthening internal staff capabilities, we have now transformed into an ideal pyramid-shaped workforce structure."

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