By Kang Seung-woo
Staff reporter
Korea Life Insurance became the nation’s first life insurer when it was founded in September 1946.
And the 64-year-old life insurance company is seeking to add another brilliant billing in the corporate social responsibility (CSR) sector, as it fully commits to contributing to society.
The insurance firm believes that not only do such activities offer noble opportunities to help those in need, but the volunteer work also helps the insurer build a greater sense of unity and allows a moment to reflect about the true meaning of love, charity and sharing.
Its main effort to make social contributions started, when the Sarangmoa Volunteer Service Group was formed in July 2004 and became the cornerstone in bringing to light the neglected corners of the community.
The group is made up of over 4,800 employees and 20,000 financial planners (FP) that serve local communities with over 140 smaller volunteer groups across the nation.
According to its website, 8,966 volunteers from 41 teams in Seoul, 6,245 from 29 in Gyeonggi Province and Incheon, 992 from four in Gangwon Province, 3,556 from 17 in North and South Chungcheong Province, 6,901 from 36 in North and South Gyeongsang Province and 3,239 from 13 in North and South Jeolla Province and Jeju Island make up this league of helpers.
In addition, the company encourages every employee to devote himself to volunteering at least 1 percent of their total annual work time, equivalent to approximately 20 hours annually.
As part of engaging in the spirit of sharing, employees voluntarily started donating a portion of their salary monthly to the “Sarangmoa Fund” in September 2004.
The fund, fully matched by the company to promote broader participation by employees, has raised a total of 5.26 billion won ($4.42 million) as of April 2010.
Korea Life, which has introduced volunteering programs to foster the education of new employees and FPs, has provided volunteer services around its foundation day on Oct. 9 and it has also held a seminar for volunteer leadership.
CEO and vice chairman Shin Eun-chul and 40 executives and employees delivered charcoal briquettes to homes in Incheon on Oct. 7 2009, while 30 other executives did charity work by helping low-income families.
The insurance firm has been busy helping the community in times of trouble, particularly during natural disasters, by joining in emergency relief efforts.
When Taebaek City, Gangwon Province was suffering drought last winter, it supplied 12,000 bottles of spring water, while dispatching volunteer teams and delivered relief supplies to victims during a forest fire in Yangyang in April 2005.
Korea Life has also been active in supporting the younger generation and “Happy Friends” is at the center of its mission.
The Happy Friends Campaign is one of the insurer’s prominent public service programs aimed at helping young people learn to be responsible members of the community through various volunteer programs such as the “Youth Volunteer Program,” “Youth Medical Care Support Program” and “Youth Volunteer Service Festival.”
The Youth Volunteer Program, launched in January 2006, has encouraged volunteers to best serve the local communities and obtain a sense of self-sacrifice, a sense of responsibility and willingness. It now comprises over 430 middle and high school students from different social and economic backgrounds across the country.
The young volunteers are divided into 10 groups, forming so-called “cells.”
Each cell participates in monthly community services, such as building shelter homes and delivering coal for heat.
As medical services impose a huge financial burden on low-income families, Korea Life has teamed up with several medical institutions via “Youth Medical Care Support Program” to offer free treatment for those who cannot afford such services on their own.
Every year, the insurance company holds volunteer service camps during the summer break under the name of “Youth Volunteer Service Festival” to help young students increase social awareness and experience the joy of giving.
One of the programs during the camp is “24 Hour Fast,” which aims at stopping famine.
Korean corporations have supported arts and culture, which is known as Mecenat, and Korea Life Insurance has also joined the trend to express its appreciation for customers’ loyalty and trust as well as enrich their lives. It plans to continue coming up with a diversity of cultural events.
Eleven O’clock Concert has been its main Mecenat project.
As its title indicates, the concert takes place at 11 a.m. on the second Thursday of the month at the Seoul Art Center and it has drawn a sellout audience of 22,000 on every occasion.
Korea Life was recognized with the Mecenat Grand Prize for Creativity in 2007.
For potential customers, it has organized the World Youth Baduk Championship, which is one of the largest baduk competitions attracting more than 10,000 participants from China, Japan and European countries.
Along with the 11 O’clock Concert, it has sponsored the Pops Concerts every summer featuring an eclectic blend of classical compositions and contemporary pieces since 2005.
The annual Pops Concerts have been well praised for its blend of artistic mastery and popular appeal.
Korea Life Insurance’s other patronage initiatives include “Rural-Urban Exchange Camp,” “Youth Music Festivals,” and “Seoul International Fireworks.”