Korea Life Restructures Operations

Top life insurer now has 10 regional head offices to
take control of 63 regional offices and 614 branches
across Korea

Korea Life Insurance Co. will undergo a huge reform of its operational structure to set up a base for its future growth engine, the company said recently.
First of all, the employment of financial planners will be conducted at the company's 10 regional head offices, instead of the seven head offices around the country, as new regional head offices have been established including the Kangdong Region (Eastern Seoul), the Gyeongwon Region (Suwon and Gangwon Area) and the Yongnam Region (Ulsan and East Coast).
Accordingly, Korea Life's operational set-up for financial planner channels will have five capital area offices, five local regional offices, with 63 regional teams, and 614 branches across the country, which will go into operation on Jan. 1, 2012, with the completion of the new structure by Dec. 23.
The new setup is designed to accomplish its mid and long-term targets, calling for the company to become the top life insurer in new M/S contracts by 2020 and to build a sustainable growth infrastructure as its new vision.
Korea life aims to expand its market share in the Kangdong Region as well as in the Suwon and Gangwon areas and also solidify its position in the Yeongnam Region under its new vision. The life insurer plans to improve its productivity through the reform of its business processes and highly-trained manpower so that it will have the top market share in 2020, the company said.
The company expects to explore and dominate new markets in large cities and growing regions under the vision, effectively expanding its operational results and expanded markets.
President Cha Nam-kyu said the new expansionary reform of the operational structure can be looked at as a new signal for the company to go for the top position in the industry in 2020. We will be able to expand the market share through the three new regions. Currently, the company is a top life insurer in terms of operational effectiveness and we are going to take advantage of the fact and use it in reforming the operational set up and securing market competitiveness, the top executive said.
The company announced its Top 2020 Vision in November, in which it aims for the top position in the industry in the area of improvement in corporate value. The vision is also aimed at strengthening its life insurance operation structure and the base for growth to expand tie-up channels and for speeding up the growth of its business operation in order to be a top life insurer in 2020.
Korea Life, a leading affiliate of the Hanwha Group dating back to 1946, when the company pioneered the Korean insurance industry as the nation's first life insurer. For the past 65 years, Korea Life has been earnestly serving millions of individual policyholders, and in doing so has now grown to be one of Korea's most prominent financial services providers with total assets of over 57 trillion won.
As the leader of the Hanwha Finance Network, Korea Life is striving to be the leading provider of insurance and financial services to help Korea Life's policyholders safeguard their financial well-being.
While achieving organic growth, Korea Life has solidified its financial strength: the company received a Triple A solvency rating from Korea Management Consulting & Credit Rating Corp. and NICE Investors'Service in 2008 and 2009. No other life insurers have received the top ratings from both credit rating agencies for two consecutive years in Korea, which is a significant testament to the company's commitment to its financial prudence and stability.
In June 2008, Korea Life launched its ambitious brand enhancement project, leveraging its long history and proud tradition. The objective was to accentuate the company's commitment to putting customers first while enhancing product features, perfecting customer services and serving the community. To capture this spirit a new slogan was born: Love your life, Love your Dreams. Korea Life is fully committed to maximizing its corporate value and earning the endearment and trust of its customers, employees and shareholders. nw

Vice Chairman Shin Eun-chul of Korea Life Insurance Co.
Photos on courtesy of Korea Life Insurance

The D-63-Building where Korea Life is located in Yeouido, Seoul.