Strengthening Overseas Business

Cha Nam-gyu, CEO of Hanwha Life Insurance.
Cha Nam-gyu, CEO of Hanwha Life Insurance.

 

Hanwha Life Insurance held the Management Strategies Conference in the Second Half of 2016 attended by some 160 people, including CEO Cha Nam-gyu, executives of head office, heads of departments and managers of branches, at its training institute in Yongin City, Gyeonggi Province on July 14.

At the conference, attendees selected 40 innovative tasks and discussed how to carry out them in an attempt to overcome the difficult business environment resulting from the growing uncertainty of the global economy like Brexit as well as the prolonged low-growth and low-interest rates in Korea. 

The key innovative tasks fiercely discussed in the conference include the improvement of processes for development of differentiated products, diversification of business organization, expansion of overseas and alternative investments, reinforcement of overseas businesses, and pushing ahead with a fin-tech model.

Hanwha Life Insurance will continue its efforts to be one of the top 5 by 2020 by reinforcing overseas businesses. For that end, the company will turn its eight years operation in Vietnam into a profit-making entity. Its corporation in China, which ranked second among foreign companies in Zhejiang last year, plans to take the top seat and also enter new markets including Shanghai and Jiangsu. Its corporation in Indonesia will continuously pursue its growth strategy by diversifying sales channels like forming a partnership with bancassurance and accelerate its efforts to enter new areas.

Hanwha Life Insurance president Cha Nam-gyu said, “Based on an objective analysis of current condition and future, we should reassess the policies incompatible to the changing environment.” He also urged the attendees to make concerted, innovative efforts to overcome the current crisis and to achieve its goal of becoming a world-class insurance company.

 

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