Samsung Fire & Marine Insurance "Healthy Organizational Culture" Samsung Life Insurance "Protecting Healthy Assets"

Samsung Insurance CEO Management Keywords
Focus on Resolving Labor-Management Conflicts and Strengthening Core Business

[Asia Economy Reporter Oh Hyung-gil] ‘Creating new customer value,’ ‘Healthy organizational culture’

These are the key management keywords chosen by the CEOs of Samsung Life Insurance and Samsung Fire & Marine Insurance this year.

Jeon Young-mook, CEO of Samsung Life Insurance, pledged to return to the core business, while Hong Won-hak, newly appointed CEO of Samsung Fire & Marine Insurance in line with the group’s personnel innovation policy known as ‘New Samsung,’ placed emphasis on organizational culture.

According to the insurance industry on the 4th, CEO Hong Won-hak presented ‘a company that satisfies customers and employees’ and ‘active digitalization’ as this year’s management strategies.

He stated, "We plan to improve existing products and services to provide happy and moving experiences from the customer’s perspective," and emphasized, "We will create a company where all employees are satisfied by preparing systematically for the future and fostering a healthy organizational culture." He added, "We plan to promote digitalization in all possible areas of work processes, from sales to compensation, including strengthening big data-based capabilities."

Within the insurance industry, there is an interpretation that CEO Hong’s mention of organizational culture as his first priority upon taking office reflects his intention to smoothly resolve labor-management relations, which have been strained since last year. Since his appointment, CEO Hong has paid considerable attention to labor-management relations. Last month, he held consecutive meetings with the Staff Council Union and the Samsung Fire & Marine Insurance Union to engage in communication.

Samsung Fire & Marine Insurance broke away from Samsung’s no-union management policy when its first union was established in 2020. However, currently, multiple unions are in conflict, preventing the conclusion of wage negotiations.

Last month, the court accepted a provisional injunction filed by the Samsung Fire & Marine Insurance Union, which argued that the Staff Council Union could not be recognized as a union, continuing the conflict. This is interpreted as an effort by the new CEO to resolve labor-management relations and bring stability to the company.

A Samsung Fire & Marine Insurance official explained, "Based on the new management strategy, we plan to further solidify sound management that has been pursued in the past and secure a business structure optimized for the new environment, making every effort to enhance customer satisfaction and corporate value."

CEO Jeon Young-mook also declared in his New Year’s address yesterday that "bold challenges to create customer value through new products and innovative services" are the management goals. This is interpreted as a commitment to return to the core business and strengthen competitiveness amid the stagnant life insurance market.

CEO Jeon emphasized, "We will actively fulfill the social role of an insurance company that guarantees a healthy old age and prosperous senior years," and added, "We will create a turning point to become a true life finance partner that provides the best products and solutions throughout customers’ lives."

To this end, they decided to launch a ‘health asset’ guarantee project that covers retirement financial assets and everyday health management. He also mentioned accelerating the transition to digital FCs (financial consultants), promoting digitalization of insurance transactions, and strengthening corporate social responsibility (CSR).

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