Samsung Fire's New Insurance Products

'Samsung Super Insurance' tailor-made for customers' needs as it takes care of various medical expenses including loss of income

Samsung Fire and Marine Insurance Co. has been offering from March an integrated insurance product combining health, damage and daily life insurance products, 'an insurance product made for me' which is an upgraded 'Samsung Super Insurance," which attracted some 1.76 million clients since it was put on the market in 2003.
The new insurance product covers death, health and other health problems such as unexpected sicknesses, and accidents including damage from those causes and their care and auto accidents, accidents at homes and other incidents in daily life such as theft and other diverse problems, the company said.
Diagnosing expenses for cancer, brain hemorrhage, heart seizure and other critical diseases and other expenses will be covered, along with the losses from damage risks will also be covered in the new insurance product. Other benefits include taking care of the losses in income from damages sustained, along with guarantees for the cares of various critical diseases.
Samsung Fire also has been discounting two percent of insurance premiums for insurers who took out two different insurance policies at the same time. The company has also been offering insurance products covering only one item and multiple insurance products that cover more than one case depending on clients needs.
The company expects its new insurance products would be able to suit the needs of its customers, such as anxiety, expectations, and costs of insurance products as they can suspend insurance policies and cash them when they need cash funds or get cash paid back at maturities of their insurance policies.
In the meantime, Samsung Fire launched its wholly-owned local subsidiary in New York for the first time in 21 years since the company first set up a branch in New Jersey, in the United States.
President Chi Dae-sub kicked off the move under the Vision 2020 that the company announced under which the company will be a strong global non-insurer big enough to rank among the top 10 global non-life insurance firms by 2020.
Chi has been unusually busy travelling overseas by himself. He visited Spain and France in May and signed strategic tie ups with AXA and Mapfre insurance firms and this time he travelled to the United States. The U.S. subsidiary is set to open for business in January, next year, with its main business to be management, not marketing, not like what the wholly-owned subsidiaries of other industries are expected to do usually.
In the U.S., the management subsidiaries of insurance firms take charge of managing insurance premiums and all foreign insurance firms operating in the U.S. are required to operate their insurance premiums through their management subsidiaries. Samsung Fire has been managing its insurance premiums through a foreign insurance subsidiary so far and in order to avoid this, President Chi has decided to set up the company's wholly-owned subsidiary in the U.S. and Samsung Fire is no longer to depend on other companies to manage its insurance premiums, now that it has its own wholly-owned subsidiary in the U.S. saving fees and other expenses it had been subjected to until now.
The U.S. subsidiary will now underwrite insurance policies, and operate and manage its insurance premiums in the U.S. insurance market from next year. Chi feels that the U.S. subsidiary would be able to increase its annual insurance premium collection to as much as $100 million in two to three years' time, double the current amount. Samsung Fire has already selected a director to head the U.S. operation.
The company's vision 2020, its annual sales would grow to $30 billion by 2020 with its overseas sales sharing 20 percent of total annual sales to keep its dominance of domestic non-life insurance market. Its total assets will grow to $100 billion in 2020.
Its annual sales revenue would total $15.5 billion and rise to $21 billion in 2015 with the overseas taking up 3 percent in 2012 and rising to 15 percent in 2015. nw

Samsung Fire and Marine Insurance President Chi Dae-sub

Photo on Courtesy of Samsung Fire