According to Hanwha Life Insurance on the 2nd, Hanwha Life Insurance Financial Services (tentative name) will be launched on April 1st by agreement between labor and management.
The day before, the management of Hanwha Life Insurance accepted the’employment safety agreement that guarantees the employment of the parent company and the subsidiary’ requested by the labor union ahead of the spin-off of the sales organization. As of April 1 of this year, according to the policy of separating manufacturing and selling companies, Hanwha Life Insurance Financial Services, a newly established corporation through physical division, will guarantee 3 years of employment and 2 additional years of employment.
Apart from the five-year employment guarantee, a rollback system is introduced to guarantee re-employment in case of bankruptcy or transfer. All collective agreements are also succeeded.
The condition of’prohibition of leaving subsidiaries without employee consent’ was also accepted, and only 1,400 employees of the private sales division among exclusive channel employees will move to subsidiaries. As a result, some employees are likely to move to other departments or remain at headquarters.
Samsung and Kyobo pay attention to the second-largest spinoff decision in the industry
However, more than 20,000 exclusive design firms are incorporated into newly established subsidiaries. The management plans to confirm employees of the subsidiary on the 26th of this month. As the management decided to accept most of the demands presented by the union, the union, which had been on strike indefinitely from the 29th of last month, also withdrew from the industrial action after two days.
An industry insider said, “As the sales organization of Hanwha Life, the second largest in the life insurance industry, was decided to spin-off, I think that Samsung Life Insurance, No. 1, and Kyobo Life, No. 3, will pay close attention to the future. It can be spread.”
The traditional business method with a large-scale exclusive design firm has been challenged since the 2000s as sales channels began to diversify into independent insurance agencies (GA), bancassurance, home shopping, online, and telemarketing (TM).
Will AI-planner integration and operation’hybrid channel’ be introduced?
Hanwha Life Insurance’s consolidated net income last year was 242.7 billion won, a 313.7% increase from the previous year. During the same period, operating profit increased by 666.1% to 3784 billion won, achieving operating profit more than 7 times in one year. Sales amounted to 26,222.3 billion won, an increase of 4.98% from the previous year.
This is a remarkable growth when compared to the previous year’s net profit of 55.8 billion won in 2019, a decrease of 84% compared to the previous year (359.3 billion won). Hanwha Life Insurance plans to focus on product development, asset management, and discovery of new businesses, leaving the company’s hands off the management of design firms in the future in order to maintain strong performance.
Another industry insider said, “A sales channel using artificial intelligence (AI), which is developing at an amazing speed, is emerging, and as the scale of the online insurance industry is growing, a hybrid channel model that life insurance companies can integrate and operate with planners has been introduced. I can do it.”
UPI News / Reporter Park Il-kyung [email protected]
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