Value Through Tech: Hanwha’s Financial Services
Value Through Tech:
’s Financial Services
The finance industry is in the midst of a tectonic technological transformation. Fintech and insurtech start-ups are disrupting the market and customers now demand more value for their investments, better service and seamless user experiences.
In response, Hanwha’s financial businesses are adapting and evolving digitally to continue providing the products and services customers want while accelerating growth across China, Indonesia, Korea, U.S., and Vietnam.
Plugging into the Digital Revolution
Collectively, Hanwha’s financial businesses form one of Korea’s largest non-banking financial service providers. With more than USD 123 billion in assets, they offer a comprehensive portfolio of insurance, securities, and asset-management products. They pursue tailored digital business models through the convergence of technologies such as AI, big data, and blockchain.
Pinetree Securities, Hanwha’s newest financial business, offers a digital financial platform that helps customers take advantage of digital investment opportunities in the Vietnamese and Singaporean financial markets.
Hanwha General Insurance, for instance, launched “Carrot”, Korea’s first all-digital platform for non-life insurance products. Hanwha Life, meanwhile, rolled out an AI-driven assessment system that automatically analyzes customer claims and approves or denies payouts almost instantaneously without needing human input. It also created LIFE MD, a digital resource where individuals can take training courses to become licensed financial planners to create and sell insurance products.
Incubating and investing in future talent
Recognizing the need to nurture future talent, Hanwha Life established the DREAMPLUS incubator. Individuals and companies welcomed into the accelerator program are given advice and mentorship so they may bring their disruptive ideas to fruition and pitch them to a global audience.
Hanwha’s financial businesses also utilize their resources to invest in businesses that focus on social impact. For instance, in Southeast Asia, they made investments in Lightnet and iSTOX, both fintech start-ups working to provide the underprivileged with easier access to financial services.
Giving back to go further together
Beyond their business activities, Hanwha’s financial businesses undertake social-impact activities that help improve the lives of others. These include the support of disenfranchised citizens and low-income communities in Vietnam as well as road-safety campaigns and establishment of urban green spaces in Indonesia.
Closer to home, Hanwha made Life Park, Hanwha Life’s training center in Korea, available as a treatment center for COVID-19 patients experiencing mild symptoms, helping free up hospitals to accommodate patients who need intensive treatment.
Hanwha Life’s Life Park training institute
Moving forward, Hanwha’s financial businesses are committed to providing comprehensive financial solutions and helping build fiscal security. They aim to provide customers with the products and assistance they need to gain new opportunities and pursue their dreams.
Related Affiliates
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Hanwha Life
Established in 1946, Hanwha Life is a leading life insurance company that is both the first and the oldest in South Korea. Early on, we played a critical role in developing the insurance industry and the country’s economic growth.
In 2017, we expanded but made sure to stay structurally sound. We reported total assets of USD 102.96 billion. At the end of 2017, we achieved a 206.4 percent risk-based capital (RBC) ratio, demonstrating the soundness of our asset quality. Our strong credit ratings from both domestic agencies and abroad attest to our creditworthiness. We have received sterling AAA credit ratings from South Korea’s top rating agencies for the past eleven years. From abroad, we received global credit ratings of A1 from Moody's and A+ from Pitch international credit rating agencies.
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Hanwha Asset Management
Founded in 1988, Hanwha Asset Management has grown into a comprehensive asset management company offering a full range of financial instruments, including stocks, bonds, MMFs, fund of funds, social overhead capital, derivatives, real estate, ETFs, and PEFs in both domestic and overseas capital markets. At the end of 2017, we were among South Korea’s top three asset management companies with USD 82.17 billion in assets under management (AUM). We have top-tier expertise and well-organized systems in all areas, including product development, research, compliance, and risk management. All our products and services cater to the needs of our customers because we apply our principles and management philosophy to placing our customers first before anything else.
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Hanwha General Insurance
Established in 1946, Hanwha General Insurance is the first South Korean insurance company funded solely by domestic capital. Throughout history, we’ve played a pivotal role in developing South Korea’s general insurance industry. Today, we’re a major insurer with total assets of nearly USD 14 billion. We use advanced services to enhance customer value and offer a comprehensive product portfolio ranging from long-term insurance to auto and general insurance. We created a Consumer Protection charter, improved service quality and minimized customer inconvenience to provide an overall superior customer experience. We also expanded the scope of what our call center agents could do to ensure a one-call, one-stop system. In addition, we were the first South Korean insurer to introduce an electronic signature system, making it easier for customers to complete transactions from their mobile devices. We have even introduced a mobile application called Smart Insu, catering to the ways and needs of our customer. More than 100,000 customers have installed the app.
