• The Journal of Industrial Distribution & Business
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• v.8 no.2
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• pp.21-31
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• 2017

Purpose - The total amount of advanced Corporate Pension Insurance products exceed 148 trillion Korean Won at the end of 2016. For a firm with over 300 employees, when a bill on compulsion of introduction of Corporate Pension Insurance products, currently pending in court, is passed, Corporate Pension shall be an essential. The findings of the paper will provide a guideline for understanding on firm's attributes and its effects towards introduction of Corporate Pension Insurance products. Research design, data, and methodology - The data were collected using statistics of employer panel survey from Korea Labour Institute in 2013. The study analyses a sample survey on 1,775 outstanding enterprises and their HR department among whole corporations in Korea. For analysis of data, empirical testing by Logistic Regression was utilized. Results - As an outcome of empirical testing, variables on share of regular employees and the aged employees in over 50's generates a significant statistical meaning. It eventually gives a great impact on purchase of Corporate Pension scheme. Moreover, variables on corporate financial statement, current sales, current net income, total amount of the debts, labor cost per person also has a vital influence on introduction of Corporate Pension Insurance products. Lastly, variables on firm's labor relationship have no effect except for the execution or non-execution of HR consulting. Meanwhile, Variables affecting a choice on pension schemes types among firm's attributes are a share of regular employees, current net income, execution or non-execution of HR consulting etc. These variables represents a statistical implication. According to their each features, they prefer DB or DC plan. Conclusions - Introduction of corporate pension scheme is apposite to contemporary Korea's situation entering a hyper-aging society and firms with a high share of regular employees, the weight of aging, current sales, current net income and labor cost per person are exceedingly active in purchasing Corporate Pension Insurance products. However, after the introduction of corporate pension scheme, firms which has an implementation of consultation on human resource management, flexible benefits plan, job security and welfare system prefer DC plan whereas from financial perspective firms with high net income prefer DB plan.

• The Journal of the Korean life insurance medical association
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• v.24
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• pp.97-117
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• 2005

Internally Korean insurance market is that whole life products' growth are becoming slowdown that's why new insurance products have appeared on the market in consideration of consumer's needs recently. Externally domestic insurance market competitions has drifted from insurance industry to whole financial industry since bankasurance started. Life insurance companies should open up a new market to survive from severe competitions. Worksite marketing can be an alternative. An insurer make arrangements with an employer about an insurance terms which an insurer offers in Worksite marketing. Then eligible individuals enroll in the plans at their own discretion and pay 100 percent of the premium for coverage through payroll deductions. An employer doesn't need to pay extra money for additional benefit but can raise employee's loyalty and satisfaction of company through worksite marketing. An employee can be covered at discounted premium rate and less strict underwriting guidelines to an insurer compared to individual insurance. In developed countries specially U.S insurance market, Worksite marketing is getting very popular and growing rapidly due to the advantages. Worksite marketing has both individual insurance characters and group insurance characters. Individual insurance characters are that employees enroll in the plans at their own discretion and pay 100 percent of the premium for coverage. Group insurance characters are that actively at work and participation etc. An insurer have to reflect these two characters on Worksite marketing when an insurance company work out a plan for developing products and underwriting guidelines. When an insurer devise worksite products, one should consider participation level which means percentage of eligible employees participating. Participation is related to anti-selection. As we know underwriting is essential for every kind of insurance, especially underwriting plays major role in worksite marketing. We can see that in the below. Firstly, it has a function in calculation of premium rate. When calculate premium rate for worksite products underwriters have to estimate expected participation level and risk factors. So underwriters and acturies keep in close contact with each other. Secondly, underwriting methods are important. When an insurer underwrite worksite products, there are three kinds of underwriting methods. These are Simplified issue underwriting, Full underwriting and Guaranteed issue underwriting. Simplified issue underwriting typically requires no medical examination, but usually requires supplying satisfactory answers to one or several health and/or lifestyle questions. Full underwriting requires a complete medical history questionnaire that may further require an exam. Guaranteed issue underwriting means that coverage is issued without the employee having to provide evidence of insurability. When insurer set the GI limit are usually based on the type of industry, number of eligible employees, the average amount of coverage and participation level. In addition to insurer should have a clear definition of eligible employee on the insurance provision and application form. It will minimize possibility of trouble claims and anti-selection. An insurer also establish preexisting condition exclusion and special guidelines for late entrants. When an insurer introduce Worksite marketing to Korean insurance market, an insurer has to examine market research to analyze potential market and strategy of sales most of all. Also an insurer should review real situation of the U.S, England and Japanese market etc. There are a lot of new technologies about worksite marketing process that an insurer should learn. When an insurer consider many things which we explained it can be a real alternative.

• Journal of Physiology & Pathology in Korean Medicine
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• v.27 no.5
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• pp.667-671
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• 2013

The aim of this study was to know the current management status in Korean medical clinics (KMC) and the awareness of Korean medicine doctor. The simple random extraction method from the membership list of 'The Association of Korean Medicine' in 2010 was used for survey. The questionnaire which had used in 2008 was revised, and those were sent to each KMC by mail. A total of 107 data were acquired and frequency analysis was conducted. The result showed that the annual average employees working in each KMC was 2.9 persons and the number of daily outpatient was 33.8 person in 2010. The proportion of sales covered by medical insurance at KMC has been increasing annually as 42.9%, 43.5%, and 44.8% of total sales, whereas the uninsured sales was 57.1%, 56.5%, and 55.2% of total sales in 2008, 2009, and 2010 respectively. All of the responders recognized that the current situation of Korean medical service market was not good and the reason was mainly resulted from undeveloped medical technique, popularized use of functional foods for health and alternative medical care by Western medicine. To expand Korean medical service, the expansion of sales covered by public health medical insurance, government support and advertizement for public relation were needed.

• Journal of Distribution Science
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• v.16 no.7
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• pp.77-86
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• 2018

Purpose - In the insurance distribution channel, the salespeople plays a role of representing the company, and recognizes the needs of the customers and plays a role in responding to them. Therefore, their turnover can have a great influence on the company performance. The purpose of this study is to investigate the structural relationship between salespeople's personal - environmental fit and organizational commitment and turnover intention. Research design, data, and methodology - Data collection was conducted a self-filling questionnaire for salespeople for about one month from July 24, 2017 to August 30, 2017. The subjects of the questionnaire were the insurance salespeople who work in the sales line such as K life, S fire. A total of 450 copies were distributed and 432 copies of the questionnaire were used for final analysis. The analysis program used SPSS 22.0 and AMOS 22.0 programs. Analysis method was Frequency Analysis, Reliability & Confirmatory Factor Analysis, Correlation Analysis and Structural Equation Model(SEM). Results - As a result of Hypothesis 1, Person-Supervisor Fit had significant influence only on Continuance Commitment. Person-Job Fit did not have a significant effect on Organizational Commitment. Person-Coworker Fit had a significant effect on Continuance Commitment and Affective Commitment. Person-Organization Fit had a significant impact on Affective Commitment. Therefore, only , , , , were adopted. As a result of Hypothesis 2, Continuance Commitment had a significant effect on turnover intention. Therefore, only was adopted. Conclusions - This study suggests that it is necessary to manage the human resources in the sales field through studies related to salespeople's extension of the research scope and salespeople's turnover intention. Based on the results of this study, the conclusion suggests some implications for the efficient human resources management of insurance companies in sales channels. It is expected that it will be helpful for the salespeople to find out what kind of Person-Environment Fit affects the organizational commitment and how to manage the organizational commitment among the three dimensions of organizational commitment to reduce turnover intention.

• Journal of Distribution Science
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• v.14 no.12
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• pp.141-151
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• 2016

Purpose - Salesperson perceptions of the fairness and accuracy of a performance evaluation system were examined by managerial and professional employees of large organization. The performance evaluation process is central to many personal decisions such as attitude for job and sales performance. This study investigates the relationship between perceived evaluation fairness, job satisfaction, organizational commitment, and sales performance. The main purpose of this study is to develop and empirically test a comprehensive model of salespersons' perceived evaluation fairness on sales performance. For this purpose, we identified the structural relationship between perceived evaluation fairness, job satisfaction, organizational commitment, and sales performance. Also we investigate the mediating effects on job satisfaction and organizational commitment between perceived evaluation fairness and sales performance. Research design, data, and methodology - To empirically test these relationships, data were collected by in-depth interviews from sales managers and questionnaire surveys from 300 salespersons who work for sales area (credit card company, insurance company). Demographically, the overall sample was 91.6% female, 77.9% 30s and 40s, and 34% college educated, with an average tenure with their present organizations of 4 years. The questionnaire was composed of total 20 items dealing with frequency, quality, and consequences of perceived evaluation fairness, job satisfaction, organizational commitment, and sales performance. To test the research hypotheses, collected data analyzed by confirmatory factor analysis (CFA) and structure equation model (SEM). Results - Through extensive and rigorous literature review process of related literature(Perceived evaluation fairness, Job satisfaction, Organizational commitment, Sales performance), research model and research hypothesis was set up. This study obtains the following research results. First, perceived evaluation fairness has a positive effect on job satisfaction, whereas the effects of perceived evaluation fairness on organizational commitment and sales performance did not show statistically significant result. Second, job satisfaction and organizational commitment have complete mediating roles to the relationship between perceived evaluation fairness and organizational commitment, and relationship between perceived evaluation fairness and sales performance. Conclusions - Based on the results, salespersons' perceived evaluation fairness is one of the key independent variable for making high job satisfaction, organizational commitment, and sales performance. Finally the theoretical, managerial implication and research limitations are mentioned in the discussion.

• Journal of Distribution Science
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• v.15 no.2
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• pp.101-109
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• 2017

Purpose - Previous studies related to emotional labor of salespeople have mainly focused on identifying the antecedents of emotional exhaustion and turnover intention and exploring the mitigating effects salespeople's motivation on emotional exhaustion and turnover intention. They also demonstrates that there are different roles for moderating in social support, which means mental/physical support related to the job in supervisors, colleagues and organizations. The purpose of this paper is to investigate how service employees' surface acting affect turnover intention through emotional exhaustion. Another important objective of this paper is to investigate whether perceived social support moderates 1) the relationship between surface acting and emotional exhaustion 2) the relationship between emotional exhaustion and turnover intention. Research design, data, and methodology - To test the hypotheses, we collected the data from Korean insurance company sales employees. A total of 235 responses were received, from which 220 usable responses were obtained after list-wise deletion. Working with a sample of 220 responses, structural equation modeling was employed to empirically test research hypotheses(

The relationship between surface acting and emotion exhaustion,

The relationship between emotion exhaustion and turnover intention,

The moderating effect of perceived social support(PSS) on the relationship between surface acting and emotion exhaustion, and

The moderating effect of perceived social support(PSS) on the relationship between emotion exhaustion and turnover intention. SPSS 22.0 and AMOS software were used in these data analysis. Results - The service employees' surface acting was positively related to the emotional exhaustion; in turn, the service employees' feelings on emotional exhaustion are positively related to turnover intention. In addition, Perceived Social Support significantly moderated the relationship between surface acting and emotional exhaustion. However, perceived social support has a non-significant moderating effect on the path from emotional exhaustion to turnover intention. On the basis of these results, the following conclusion can be drawn. First, distribution service companies will be needed the administrative efforts to offer counseling programs and space to provide their members with enough rest in experiencing psychological pain due to the salespeople's surface acting. Also, it is necessary for distribution service companies to identify and share the examples of successfully solving emotional exhaustion caused by salespeople's surface acting.

• Asia Marketing Journal
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• v.12 no.2
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• pp.111-133
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• 2010

Marketing financial services used to be easier. Today, the competition in financial services is fierce. Not only has the competition become more intense, financial services have also changed structurally. In an environment with various customer needs and severe competitions, the marketing in financial services industry is getting more difficult and more important than before. However, there are still not enough studies on financial services marketing in Korea whereas lots of research papers have been published frequently in some international journals. The purpose of this paper is (1)to review the literature on financial services marketing, (2)to investigate current marketing activities based on in-depth interview with financial marketing managers in Korea, and (3)to suggest some implications for future research on the financial services marketing. Financial products are not consumer products. In fact, they are not products at all in the way product marketing is usually described. Nor are they altogether like services. The financial industry operates in a unique way, and its marketing tasks are correspondingly complex. However, the literature review shows that there has been a lack of basic studies which dealt with inherent characteristics of financial services marketing compared to the research on marketing in other industries. Many studies in domestic marketing journals have so far focused only on the general customer behaviors and the special issues in some financial industries. However, for more effective financial services marketing, we have to answer following questions. Is there any difference between financial service marketing and consumer packaged goods marketing? What are the differences between the financial services marketing and other services marketing such as education and health services? Are there different ways of marketing among banks, securities firms, insurance firms, and credit card companies? In other words, we need more detailed research as well as basic studies about the financial services marketing. For example, we need concrete definitions of financial services marketing, bank marketing, securities firm marketing, and etc. It is also required to compare the characteristics of each marketing within the financial services industry. The products sold in each market have different characteristics such as duration and degree of risk-taking. It means that there are sub-categories in financial services marketing. We have to consider them in the future research on the financial services marketing. It is also necessary to study customer decision making process in the financial markets. There have been little research on how customers search and process information, compare alternatives, make final decision, and repeat their choices. Because financial services have some unique characteristics, we need different understandings in the customer behaviors compared to the behaviors in other service markets. And also considering the rapid growth in financial markets and upcoming severe competition between domestic and global financial companies, it is time to start more systematic and detailed research on financial services marketing in Korea. In the second part of this paper, I analyzed the results of in-depth interview with 20 marketing managers of financial services companies in Korea. As a result, I found that the role of marketing departments in Korean financial companies are mainly focused on the short-term activities such as sales support, promotion, and CRM data analysis although the size and history of marketing departments to some extent show a sign of maturity. Most companies established official marketing departments before 2001. Average number of employees in a marketing department is about 58. However, marketing managers in eight companies(40% of the sample) still think that the purpose of marketing is only to support and manage general sales activities. It shows that some companies have sales-oriented concept rather than marketing-oriented concept. I also found three key words which marketing managers think importantly in financial services markets. They are (1)Trust in customer relationship, (2)Brand differentiation, and (3)Rapid response to customer needs. 50% of the sample support that "Trust" is the most important key word in the financial services marketing. It is interesting that 80% of banks and securities companies think that "Trust" is the most important thing, whereas managers in credit card companies consider "Rapid response to customer needs" as the most important key word in their market. In addition, there are different problems recognition of marketing managers depending on the types of financial industries they belong to. For example, in the case of banks and insurance companies, marketing managers consider "a lack of communication with other departments" as the most serious problem. On the other hand, in the case of securities firms, "a lack of utilization of customer data" is the most serious problem. These results imply that there are different important factors for the customer satisfaction depending on the types of financial industries, and managers have to consider them when marketing financial products in more effective ways. For example, It will be necessary for marketing managers to study different important factors which affect customer satisfaction, repeat purchase, degree of risk-taking, and possibility of cross-selling according to the types of financial industries. I also suggested six hypothetical propositions for the future research.