Samsung Fire & Marine Insurance Direct 'Chak' Auto Insurance "No.1 Auto Insurance for 8 Consecutive Years"
[Asia Economy Reporter Changhwan Lee] Samsung Fire & Marine Insurance Direct 'Chak' announced on the 11th that it has achieved the number one position in direct car insurance subscribers for 8 consecutive years.
Samsung Fire & Marine Insurance, which entered the direct insurance market late by launching internet-only car insurance in 2009, became the first among insurers to adopt a 'call free' policy with no sales calls after premium calculation. This policy gained popularity by word of mouth, allowing Samsung Fire & Marine Insurance to rise to first place in the direct car insurance market within 5 years of entry, and it has maintained the top position for 8 consecutive years since then.
The number of subscribers grew nearly 260% over 8 years, from 1.22 million in 2014 to over 3.15 million customers choosing Samsung Fire & Marine Insurance Direct car insurance in 2021.
The company emphasized that the high customer satisfaction with Samsung Fire & Marine Insurance Direct 'Chak' car insurance is proven by a renewal rate reaching 90% as of last year.
This means that about 9 out of 10 customers who had subscribed to Samsung Fire & Marine Insurance Direct car insurance renewed with the same insurer rather than switching at the renewal point. The renewal rate was above average especially among customers in their 40s who value rational choices and among imported car drivers.
Customers who renewed their Samsung Fire & Marine Insurance Direct 'Chak' car insurance mainly cited ease of subscription, affordable premiums, and reliable compensation services as reasons. Samsung Fire & Marine Insurance Direct’s unique one-stop renewal service allows customers to check and pay premiums immediately after clicking the renewal notification message and verifying their identity, resulting in very high customer satisfaction.
Last year, Samsung Fire & Marine Insurance Direct launched the digital-only brand ‘Samsung Fire & Marine Insurance Direct Chak’ to provide products and services that perfectly fit customers, emphasizing enhanced convenience.
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A company official stated, “Currently, one out of two car insurance subscribers in Korea enroll through direct channels, and since there are no sales commissions for internet subscriptions, it is expected that internet-based subscriptions will increase further. We will continue to improve the convenience of premium calculation, subscription, and contract management systems to enhance customer satisfaction.”
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