Feature Story Finance

Value through tech hanwhas financial services

January 5, 2021

Value Through Tech:
Hanwha’s Financial Services

Hanwha is innovating in financial services to keep up with fintech for customers
January 5, 2021 (KST)

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 is an example of the social impact had by Hanwha's financial services

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.