Samsung Insurance CEO's Management Keywords... 'Healthy Organizational Culture and True Life Finance Partner' (Comprehensive)

Jeon Yeongmuk "Actively Fulfilling the Social Role of Insurance Companies"
Hong Wonhak "Creating the Future with Customers and Employees"

Hong Won-hak, CEO of Samsung Fire & Marine Insurance

[Asia Economy Reporter Oh Hyung-gil] ‘Creating new customer value’ and ‘healthy organizational culture’ 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 where customers and employees are satisfied’ and ‘active digitalization’ as this year’s management strategies.

He stated, "We plan to improve existing products and services to provide happy and touching 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 amicably resolve labor-management relations, which have been conflicted 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 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 an 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 the new CEO’s intention 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 the sound management that has been pursued since 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 the management goal of "bold challenges to create customer value through new products and innovative services." 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 to guarantee 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, he decided to launch a ‘health asset’ guarantee project covering 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).

Furthermore, regarding asset management, he introduced plans to build a closer cooperative system with asset management affiliates to create synergy and to expand strategic investments in global asset management companies more quickly and broadly.

He expressed his ambition to develop healthcare beyond the level of customer service into a next-generation healthcare business model that insurance companies can excel at.

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