[New Year's Message] Choi Young-moo, CEO of Samsung Fire & Marine Insurance, "Accelerating Structural Innovation and Digital Transformation"

Choi Young-moo, President of Samsung Fire & Marine Insurance

[Asia Economy Reporter Oh Hyung-gil] Choi Young-moo, CEO of Samsung Fire & Marine Insurance, announced plans to accelerate organizational innovation and digital transformation this year.

In his New Year's address on the 4th, CEO Choi diagnosed, "This year, the insurance business is expected to face even greater challenges due to structural difficulties and uncertainties such as the real economy downturn caused by the novel coronavirus disease (COVID-19), decreased financial profits from low interest rates, and the entry of big tech companies into the financial sector."

He continued, "To improve management efficiency and find new growth engines, we have set 'Sound Growth through Organizational Innovation, a Distinguished Samsung Fire & Marine Insurance' as this year's management policy."

CEO Choi presented improvement plans for each division. For long-term insurance, differentiated customer strategies and optimal channel operations will be pursued, while automobile insurance will focus on strengthening on-site execution capabilities and establishing optimal claims processing efficiency.

Additionally, general insurance will seek to accumulate experience and explore new opportunities through active overseas investment collaboration, and asset management will complete organizational innovation across all divisions with thorough crisis management considering the imbalance between financial and real sectors.

CEO Choi stated, "We plan to accelerate digital transformation to respond to future environments," adding, "As non-face-to-face interactions become routine after the COVID-19 pandemic and digital transformation accelerates across the financial industry, we will lead the digitalization of the entire value chain?from product planning, launch, to post-management?not only in products and services."

He further emphasized, "Recognizing that compliance and ethics are the foundation for the future as a market leader, we aim for proper outcomes achieved through correct thinking and actions, and social consensus," and stressed, "This year, we plan to pursue solid growth focused on profitability and future value through differentiation of core business competitiveness."

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