Yeo Seung-joo, CEO of Hanwha Life, "We Will Become the Best Sales Specialist Company in Korea"

Management Sharing Session on the 24th Explains the Purpose of Introducing Seller Companies
"A Great and Bold Decision Transforming the Insurance Market Paradigm"

Seungjoo Yeo, CEO of Hanwha Life Insurance

[Asia Economy Reporter Oh Hyung-gil] Yeo Seung-joo, CEO of Hanwha Life Insurance, said regarding the launch of the sales-specialized company 'Hanwha Life Financial Services' in April next year, "We will establish the sales-specialized company first among competitors based on outstanding organizational strength and sales competitiveness to secure market leadership."

CEO Yeo stated in a management sharing session broadcast internally on the 24th, "As the top life insurance company, we will create a sales-specialized company with the best competitiveness in Korea by combining our differentiated financial planner (FP) training system, nurturing system, and various welfare benefits unique to Hanwha Life."

She added, "The newly established sales subsidiary will be able to sell a variety of products, including those from non-life insurers, just like the existing corporate agencies (GA), which will complement the limitations of exclusive channels. We plan to transform it into a company where FPs want to work and create an environment where external FPs who want to work in a place equipped with scale, systems, and support programs will come directly."

Regarding the establishment of the subsidiary, CEO Yeo also promised that the status, salary, and welfare levels of employees will remain unchanged or even improve. She firmly rejected concerns about restructuring raised by some.

CEO Yeo said, "In a company pursuing a number one strategy to secure and expand the market, workforce reduction is not even considered. Rather, there will be a situation where we need to increase personnel. Although communication with employees was somewhat insufficient to comply with relevant laws, since it was approved by the board of directors, we plan to strengthen communication with employees and the labor union."

She introduced plans to expand performance-based incentives beyond the current level to improve actual treatment and to further activate personnel exchanges between sales sites and headquarters. She also announced the introduction of an incentive system proportional to performance for both sales staff and office workers. Complementary personnel systems such as the establishment of new ranks and promotion systems will also be implemented.

CEO Yeo explained the reason for introducing the sales-specialized company, saying, "In an insurance environment where GA market share is continuously expanding, only new challenges, not the previous methods, are the solution to overcome the current situation."

She also urged, "It is time for us to directly choose the future of our company. Based on our company's outstanding organizational strength and sales competitiveness, we must become the first mover by establishing the sales-specialized company first and securing market leadership."

She continued, "Hanwha Life, Korea's first life insurance company, has made a great and bold decision to transform the paradigm of the insurance market. We will not entrust the company's future to anyone else but will choose it ourselves together with all Hanwha Life employees. Let's move forward together toward becoming number one in the life insurance industry in 2021," she added.

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