Samsung Life Insurance unveiled on Tuesday its new corporate vision, ?Global Life Partner to deliver CUSTOMER?s true value?, pledging to become the lifetime companion to protect clients? values and prosper together.
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Under the new vision, Samsung Life also aims to achieve 500 trillion won in assets and 100 trillion won in annual sales by 2020, which will place the company among the world?s 15 biggest life insurers by assets. The 2020 financial goal compares with 146 trillion won in assets and 26 trillion won in sales in the fiscal year 2010.
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?Samsung Life will re-align all the systems and business processes to become more CUSTOMER-oriented and deliver the best products and services,? President and CEO Park Keun-hee told employees.
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A special training for employees and insurance consultants will be introduced to help strengthen the focus on customers. Samsung Life also set up the CUSTOMER committee, chaired by the CEO, to address any issues in the future.
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Samsung Life, South Korea?s top life insurance company for decades, now aims to become a leading player in the global financial market under the new 2020 vision. The company will enhance its existing businesses in China and Thailand while considering expansions into other markets.
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In the Korean market, Samsung Life will strengthen its annuity and savings insurance business and expand alliances with banks and insurance agents.
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Samsung Life will also seek business diversifications to power its future growth. As the company aims to grow its assets, entering new business areas related to asset management is expected to generate synergy with the existing insurance business and provide the growth momentum.
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Samsung Life is South Korea?s largest life insurance firm and offers a wide range of life and health insurance, annuity products and corporate pensions. As of March 2011, Samsung Life has 18.3 million life insurance policies that provide coverage for 11.6 million individuals.
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