Trusted Lifetime Partner
Trusted Lifetime Partner
  • By Yeon Choul-woong (bruceyeon@koreaittimes.com)
  • 승인 2009.06.01 17:24
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CEO of Samsung Life Insurance Lee Soo-chang

Samsung Life's ads usually begin with a brief ad copy saying "Family Is Our Hope." This shows how Korea's leading insurer values good family relationships. As a message to reassure family-oriented customers, another ad copy says, "I'll always stand beside you as your guardian 10 years later, or even 20 years later." A third ad copy says, "Just like your father, this insurance policy will help your child keep his or her dream alive."

Samsung Life, a leading Korean life insurance company, pledges to "provide only the best products and services for total customer satisfaction by developing new products (guarantees, pensions, savings) and building CRM systems that meet the various needs of over 10 million customers." Samsung's "financial consulting services are designed to help you establish financial plans for the different stages of your life and its various service channels such as LT, TC, CM, and FA make it easier for you to understand and use its financial products," Samsung Life's website says.

Samsung Life "aims to provide the best consulting services for corporate welfare, which ultimately contributes to the growth of customer business and the happiness of their employees." Samsung's strategy is based on its belief that "individuals and businesses are becoming more interested in corporate welfare, such as the corporate pension system, private health insurance, and the selective corporate welfare system (Cafeteria Plan)."

Starting as Dongbang Life Insurance Co. on May 5, 1957, Samsung Life has topped the list of about 20 life insurance companies in Korea in terms of gross assets and sales amounts, with gross assets of W116.4 trillion (US$92.6 billion) and annual sales amounting to W24.6 trillion (US$19.6 billion) as of March 2008.

A daytime view of Samsung Life Insurance Co., Ltd. building

Samsung Life has reached the top of the industry in terms of gross assets and total sales based on the trust and support its customers have given through thick and thin over the past five decades, as well as on its own efforts to develop and provide customer-friendly services by trying to meet ever-changing customer needs.

Based on its three management goals - reestablish the business area, cultivate the key capabilities and improve the management structure, Samsung Life has set forth a 10-point strategy to implement in the medium and long term. As part of its marketing brands, Samsung is publicizing Future 30+ and Freedom 50+ - Future 30+ promising family-oriented customers a happy future for their family and Freedom 50+ guaranteeing senior customers post-retirement benefits.

Samsung Life, as the world's "premier provider of financial stability," has set a goal to join the club of the world's top 15 life insurers by achieving annual sales of W60 trillion (US$47.7 billion), amassing assets of W260 trillion (US$206.8 billion), gaining net profit of W2.5 trillion (US$2 billion), and reaching return on equity of 15 percent by 2015.

In efforts to adapt to a new business environment in the 21st century, Samsung Life set a new goal in 2006 to take the next step by enhancing its competitiveness, with focus on customers and the market, based on its motto of meeting customer needs. Samsung is also poised to serve its customers as their "trusted lifetime partner." To this end, the insurer will make its medium and long-term profit structures robust and improve its competitiveness with a focus on customers and the market. It will also develop new profit-oriented projects with a long-term outlook.

As it has contributed to the growth of the life insurance industry in Korea, Samsung Life is dedicated to enhancing the Korean insurance industry's competitiveness and making contributions to the development of the national economy and expansion of social welfare functions, while displaying the noble spirit of love for its customers.

Samsung Life considers its social responsibility to be to implement Win-Win Management to share what it has with its customers and society. To seek its own growth and help embody a harmonious society, all staff and insurance consultants of Samsung Life will fulfill their duties and responsibilities. Samsung Life as a whole will fulfill its duties and responsibilities as your "trusted lifetime partner."

As always, Samsung Life is thankful to its customers for their trust and support - particularly grateful to them for having the insurer chosen by the Korea Management Association Consulting as the most respected enterprise in Korea for six consecutive years. It is now preparing for a new leap forward to fulfill its role and responsibilities as the industry's foremost insurer.


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