Ye Seung-joo's 'Final Debate'... Hanwha Life's 'Nomad Meeting' Celebrates 100th Session

Major Team Leaders and Representatives Engage in 'Final Debate'
Achievements in GA Establishment and Product Competitiveness

Yeo Seung-joo, Vice Chairman of Hanwha Life Insurance, has reached the 100th session of the "Nomad Meeting," a final debate he started on his first day in office for change and innovation.

On the 26th, Hanwha Life announced that the 100th Nomad Meeting was held on the 24th. The Nomad Meeting is a consultative body consisting of Vice Chairman Yeo and team leaders from related departments. It began on March 25, 2019, when Vice Chairman Yeo was appointed as the representative of Hanwha Life at the shareholders' meeting, with six key team leaders from headquarters sales, product development, risk, and insurance underwriting gathering in the representative office to discuss change and innovation. Since then, over 4 years and 8 months, the biweekly "final debates" have continued without interruption, covering more than 340 agenda items.

The decision to establish Hanwha Life Financial Services, an insurance agency (GA), breaking away from insurance sales centered on exclusive planners and separating product manufacturing and sales, known as "separation of production and sales," was also made at the Nomad Meeting. Since then, Hanwha Life Financial Services has demonstrated competitiveness by turning a profit in just over two years since its launch.

It also contributed to securing product competitiveness. Vice Chairman Yeo always emphasized at the Nomad Meeting, "I will never compromise on even a single product." Through this, popular products with cumulative first-year premiums exceeding 10 billion KRW, such as dementia insurance, simple health insurance, surgery insurance, and cancer insurance, were consistently launched. One of Hanwha Life’s bestsellers, the ‘Hanwha Life Signature Cancer Insurance,’ has reached approximately 260,000 cumulative sales since its release in April last year. According to disclosures by the Life Insurance Association, more than one in five cancer insurance subscribers over the past year from July last year to June this year were Hanwha Life customers.

The shift to guarantee-focused product composition in preparation for the new accounting standard IFRS17 also started at the 2019 Nomad Meeting. At the 100th Nomad Meeting, Vice Chairman Yeo said, "On the first day of the meeting, I requested to create a forum for discussions on change and innovation so that employees could experience ‘Sinbaram’ (new excitement) and overcome crises, and thanks to everyone moving with one heart, I believe we have achieved results that have shaken the industry landscape." He added, "The Nomad Meeting will continue not just to the 100th session but to the 200th and 300th, establishing itself as Hanwha Life’s unique problem-solving method."

Seungjoo Yeo, Vice Chairman of Hanwha Life Insurance (center), is speaking at the 100th Nomad Meeting on the 24th. (Photo by Hanwha Life Insurance)

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