Nonghyup emerges as major insurer

By Kim Tae-jong

NH Nonghyup Life Insurance, which was newly launched on March 2 as a private insurer, has emerged as a new major player in the insurance market due to its strong network and massive customer base.

Upon the launch, it became the country’s fourth-largest life insurance provider with around 38.5 trillion won in assets.

The insurer is part of NH Nonghyup Financial Group, which controls the financial business operations of the National Agricultural Cooperative Federation (NACF). NH Life used to be the insurance business unit of NACF before it launched NH Financial Group as a financial holding firm.

However, even before it was reborn as an independent private insurer, the insurance unit posted a high premium growth rate, which stood at an average of 7.7 percent between 2009 and 2011, higher than the market average of 6.2 percent.

The company has maintained its philosophy to focus on internal stability and organic expansion rather than external growth for the goal to truly become the No. 1 insurer for customers.

It also announced its plans to minimize customer complaints by sharing its profits with them, developing customer-centered products and joining various corporate social responsibility (CSR) activities, especially for programs to provide medical aid to those in rural areas.

“Our vision to become the No. 1 insurer is not about external growth but being the insurance firm most trusted by customers,” Nonghyup Life Insurance CEO Na Dong-min said. “We will be faithful to the basics such as the protection of policy-holders and the management of assets in a sound manner.”

As the firm shares key management principles with the NACF, it provides CSR programs especially for the welfare of farmers.

The most representative program is free medical services in cooperation with Seoul National University Hospital, in which medical staff and employees make a tour of isolated rural areas and offer medical treatment to villagers.

Since 2007, it has treated a total of 85,000 patients on 68 tours.

The insurance firm has also provided financial aid to the needy such as seniors living alone and people from interracial families.

The firm’s executives and employees are encouraged to participate in such CRS activities voluntarily.

They visit villages in rural areas and help

“CSR has a positive impact on our society, which is very important, but it is also very important to help our executives and employees feel rewarded through such CRS programs,” Na said.

He also said he believed that good feelings shared by employees through CRS activities can change the corporate atmosphere in a positive way.