South Korean life insurer Shinhan Life is continuing to pursue a growth strategy that links business development with community-focused initiatives, with an emphasis on education and healthcare.
The Korea Life Insurance Association (KLIA) will carry out an organisational reshuffle to create a self-regulation department by reorganising the sales order management team and the advertising review team, which perform self-regulatory functions to prevent misselling and strengthen prior review of insurance advertisements.
The country's financial regulator has said that holders of certain types of life insurance will be able to monetize their policies and receive them as pensions to help them cover their later years of life.
ABL Life Insurance has introduced a new trust-linked whole life insurance product geared to giving policyholders more flexibility in managing and distributing insurance benefits.
Hanwha Life Insurance is targeting the super-rich by focussing on wealth succession and setting up a family office centre in Gangnam, Seoul, to provide one-stop financial butler consulting, linking insurance, securities, and asset management functions.
Hanwha Life is offering customers a way to manage their life insurance policies after death, with a new trust product for policy claim rights.
Hanwha Life has launched an artificial intelligence (AI)-powered cancer insurance product in collaboration with global healthcare firm Need, said the Korean insurer.
ABL Life Insurance has reported an annual return on asset management of 4.3% last year. Despite the increased volatility in the financial market, it recorded annual returns of 3% to 4% from 2017 to last year, exceeding the industry average every year. ABL Life said, "It is an achievement made by an in-depth understanding of the market environment, establishing a balanced management strategy, and rapid investment judgment."
Tongyang Life Insurance has launched a new whole life insurance product that is designed to ease premium burdens while strengthening retirement protection by offering partial cash surrender benefits during the premium payment period.
The new whole life product, named ABL the Inheritance Whole Life Insurance, stands out by returning the premiums paid by the policyholder along with the death benefit upon the insured's death.
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