Kim Cheol-ju, President of the Life Insurance Association, "Strengthening Core Business Competitiveness... Responding to Risks such as Real Estate PF"

Kim Cheol-ju, Chairman of the Life Insurance Association, 2024 New Year's Address

Kim Cheol-ju, Chairman of the Life Insurance Association, is speaking at the inauguration ceremony held on the 11th at the Life Insurance Association in Jung-gu, Seoul. (Photo by Life Insurance Association)

Kim Cheol-ju, Chairman of the Life Insurance Association, stated in his 2024 New Year's address that he will strengthen core business competitiveness and thoroughly manage risks such as real estate project financing (PF).

In his New Year's address on the 29th, Chairman Kim said, "Major domestic and international institutions expect economic difficulties to continue this year due to high interest rates and inflation," adding, "The life insurance industry will also face challenges in managing soundness, demand slowdown and entrenched low growth, and intensified competition within the market."

Chairman Kim presented four key tasks: ▲ strengthening core business competitiveness and social safety net roles ▲ entering new markets and diversifying revenue ▲ expanding social responsibility and enhancing customer trust ▲ risk management.

He promised, "We will create a fair competitive environment in the third insurance market, such as disease and accident insurance, to strengthen product competitiveness," and "By easing regulations and expanding tax benefits for pension products, we will expand the life insurance industry's role in the pension market to support the warm retirement life of the people."

Chairman Kim continued, "We will support the development of new future-oriented insurance service models such as embedded insurance and DIY insurance using new technologies like artificial intelligence (AI), big data, and the Internet of Things (IoT)," and "We will enhance the utilization of big data such as public medical data to expand the development of customized insurance products and services."

He also stated, "We will actively promote deregulation of subsidiaries and ancillary businesses and continuously discover new tasks to create synergy between financial and non-financial sectors and promote the development of innovative products and services," adding, "We plan to actively support life insurers' overseas expansion to create new opportunities on the global stage."

Chairman Kim said he will continue the recent 'win-win finance' trend in the financial sector. He emphasized, "The life insurance industry will devise highly tangible win-win measures that bring warmth to socially vulnerable groups for sustainable growth together with consumers," and "To restore consumer trust, we will strengthen sales responsibility in sales channels to establish a culture of complete sales."

He added, "Recently, concerns in the financial market have been rising mainly around real estate PF," and "Since various domestic and international risk factors can threaten our industry at any time, we will thoroughly manage risks proactively to prepare for shocks."

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