By Kang Seung-woo
ACE Life Korea will use insurance agents as stepping stones to emerge in the Korean market, its president said Wednesday.
“ACE is proud of its Korean operations. ACE Life Korea is a start-up company ― small and nimble ― able to take advantage of market niches, and we are confident in the continued attractiveness of the Korean market,” its CEO Brian Greenberg told reporters during a press conference honoring of launch of the Korean unit.
ACE Limited, the Swiss-incorporated parent company of the ACE Group, launched its life insurance unit in Korea on Feb. 1 after completing its acquisition of New York Life’s Korea operations for approximately $75 million in cash in efforts to expand its franchise in North Asia. The ACE Group is one of the world’s largest providers of insurance and reinsurance with $82 billion in assets.
“ACE purchased New York Life Korea because it has a well respected and established, highly professional agency force. This provides a good foundation upon which ACE can further build,” said Greenberg, who also served as chairman of Hana Life and vice president of Allianz Life Korea.
“We plan to grow the agency force to 3,000 to 5,000 agents over the next five years. Growth in agent numbers will be commensurate with quality as we continue to provide market-leading training and development opportunities for agents to enhance their professionalism.”
He also said that the agency channel will be a core distribution line in its operations, but the life insurer will introduce other complementary channels like direct marketing, telemarketing, bancassurance and brokers.
ACE has been operating in Korea since 1968 through its general insurance arm, ACE Insurance, so it has a wealth of experience and local knowledge in the nation. And the newly-born life insurance branch plans to take advantage of this in luring customers.
“We have a wealth of experience in the organization and will be unleashing that potential to move the company forward,” he said.
ACE offers a comprehensive array of quality life insurance products including whole life and variable and saving/annuity insurance.
ACE is now committed to expanding its life insurance franchise in Asia, as the firm now operates in Vietnam, China, Taiwan, Indonesia, Thailand and Korea.