Hanwha Life, Naver Financial forge strategic partnership for digital innovation

Hanwha Life Financial Services CEO Choi Seung-young, left, and Naver Financial CEO Park Sang-jin pose after signing a strategic partnership agreement at Naver's headquarters in Seongnam, Gyeonggi Province, Monday. Courtesy of Hanwha Life Insurance

Hanwha Life Financial Services and Naver Financial have signed a strategic partnership for digital innovation in finance, the two companies said Tuesday.

The agreement was signed at internet giant Naver’s headquarters in Seongnam, Gyeonggi Province, Monday. It was attended by Hanwha Life Financial Services CEO Choi Seung-young and Naver Financial CEO Park Sang-jin.

Under the partnership, Hanwha Life Financial Services, the sales subsidiary of Hanwha Life Insurance, will combine its nationwide network of financial planners with the technical expertise of Naver Pay, the mobile payment arm of Naver Financial.

Specifically, Hanwha Life Financial Services will offer customers advice on insurance and other financial policies based on Naver Pay’s data-driven analysis.

The two companies will also share their know-how to develop artificial intelligence (AI)-assisted services that recommend and offer consultation on related products.

They will go further to integrate Naver Pay’s mobile payment services into various areas of the financial value chain and create business synergy.

“This collaboration is expected to significantly improve the digital distribution efficiency of insurance and financial products, while also accelerating the development of personalized services powered by AI and big data,” the two companies said in a press release.

Hanwha Life Financial Services expressed hope that the two sides can “maximize their sales channels and offer optimized financial planning services to consumers.”

The company has been effectively capitalizing on in-person insurance planners while also advancing digital services. It employed more than 35,700 insurance planners in the first half of this year, about 4,700 more than a year earlier.

It reported a net profit of 69.1 billion won ($49.54 million) in the first half, marking an increase of 27.1 percent compared to the same period in 2024.