Lotte Insurance to Change Name from 'Insurance Products' to 'Insurance Services'

Simultaneous Change of Business Terms and Organization Names

[Asia Economy Reporter Ki Ha-young] Lotte Insurance announced on the 12th that it has changed the term for ‘insurance products’ to ‘insurance services.’

The existing term ‘products’ is suitable for one-time goods supply, but it was judged to be inappropriate for the nature of the insurance industry, which requires continuous service provision even after contract conclusion (sale).

Lotte Insurance, embodying the management philosophy that high-quality services must be continuously provided to customers from the conclusion of the insurance service contract until the service expiration, has changed all internal company terms including business terminology and organizational names from ‘products’ to ‘services.’

Furthermore, customer-facing documents such as Lotte Insurance’s application forms, policy terms, insurance certificates, and external agency documents will also change the expression from the existing ‘insurance products’ to ‘insurance services (products).’ This naming change will be applied equally to internal organizational names.

A Lotte Insurance official said, “Based on this change, we will ultimately respect and empathize with the values important to customers and transform into an insurance company that offers differentiated experiences to customers. We will strive to turn customers into fans of Lotte Insurance through these customer experiences.”

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