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

• Asia Marketing Journal
• /
• v.7 no.3
• /
• pp.105-119
• /
• 2005

Samsung Fire & Marine Insurance Co., Ltd. launched 'Samsung Super Insurance Package', an insurance policy combining household's property & casualty insurance policies, except insurance with savings and pension insurance, into one for the first time in Korea. The product was developed to tackle challenges and threats from environmental changes, whose success owes to an excellent marketing strategies like adopting MCS system which is coined to support sales force activities, and building SRC(Samsung Risk Consultant), the organization dedicated to the sales of the product. The case shows how Samsung Fire & Marine Insurance Co., Ltd. developed and successfully marketed the combined insurance policy for the first time in Korea identifying the key success factors and discusses its business implications and future challenges.

• Asia Marketing Journal
• /
• v.11 no.3
• /
• pp.225-249
• /
• 2009

Hyundai Marine & Fire Insurance has achieved its goal of revenue growth while most of insurance companies have failed. It is because Hyundai Marine & Fire Insurance continued to make sincere efforts to increase employee satisfaction. The service-profit chain posits that employee satisfaction is linked to customer satisfaction and to revenue growth. The case shows how Hyundai Marine & Fire Insurance put the service-profit chain to work and how different its internal marketing strategy is.

• Management & Information Systems Review
• /
• v.16
• /
• pp.37-58
• /
• 2005

The purpose of this study is to find the 'Integrated Marketing Communication(IMC)' strategies for the reinforcement of brand power in the insurance company. First, from theoretical backgrounds, I have investigated acquisition effects, strategies for changing brand power, decisions on a product differentiation and Brand portfolio, market segmentation and Brand Positioning under various strategic marketing factors based on the reinforcement strategies of brand power. Second, there is a significant difference between insurance company names recalled first and brand names recalled first. Third, in terms of consumers' preferences, there exists a substantial difference between insurance company and brands. From this study, the following conclusions are drawn. First, insurance company and brand power should be carefully developed and used as a tool to secure competitive advantages. Second, insurance company and brand power should be considered and continuously enhanced as an important asset for the insurance company. With growing brand importance, brand management is an essential step for powering brands.

• Asia Marketing Journal
• /
• v.17 no.4
• /
• pp.89-104
• /
• 2016

Based on the observation that insurance companies in Korea, unlike those in other financial sectors and those in other countries, dominantly use the agent-based push-type marketing strategy, this paper hypothesizes that difference in distribution systems originating from characteristics of financial products can lead to welfare asymmetry between financial institutions and customers, merely due to their financial matching. For this analysis, we employ a simple matching theoretic model, try to understand the welfare implications of distribution systems from a matching theoretic perspective, and analyze the bottom of negative perceptions of insurance industry. The proposed model suggests that this welfare asymmetry derives mainly from financial matching through the distribution systems, which implies that any efforts to improve the insurance industry must consider changes in the matching process, namely the distribution system. We hope that this paper complements and extends the existing literature on insurance distribution systems in terms of methodologies and research subjects.

• Journal of the Korean Data and Information Science Society
• /
• v.15 no.1
• /
• pp.141-172
• /
• 2004

This paper studied the theory and methodology of CRM for insurance business and perform empirical analysis to verify causes of success. It considered five factors as variables to explain success of CRM which are (1) Integration through the partnership among organization and members. (2) Utilization of customers' information. (3) Strategy through marketing channel and interaction with customers. (4) Investment and IT infrastructure to construct CRM system. (5) Interaction among organizations for CRM. The success is defined as four terms; effectiveness of organization, curtailment of cost, improvement of customer service and sale of insurance.

• Korean Management Science Review
• /
• v.19 no.2
• /
• pp.205-220
• /
• 2002

As the business structure of many industries changes under IT progress and internet economy, the customer information has emerged a key factor in setting up the management policy. The customer has come to replace the product as a central figure in business competition. The domestic life insurance market has also experienced the rapid structural changes in IT time. The competition in the insurance industry to maintain the existing membership and to attract the new members gets stronger under such a new business circumstance. Accordingly, it is necessary for an individual insurance company to develop a systematic marketing plan, based on the customer information, to be competitive in the market. Unlike other studies in which customer characteristics are neglected, this study attempts to utilize the customer information by applying the data mining technique, and then suggests an efficient marketing strategy that could prevail in the competitive business environment.

• International Commerce and Information Review
• /
• v.9 no.2
• /
• pp.41-64
• /
• 2007

A life insurance industry's market is reaching a state of saturation recently, and the competition is as time goes by intense among the non-life insurance industry. Consequently, the insurance companies must grope a new source of revenue and develop a new business model for a stability growth. At the forked road, the insurance companies must group the existing and new customers in order to find the royal customers, and develop a new service with them. Accordingly, it is the time to study the advance of PB field and the royal customer management that will maintain and expand the new relations with them. Besides, the PB was the service to begin in needs of the specific group, but now it is regarded as a new source of high profit in the age of universal financial service among the financial circles. As a consequence, the PB marketing is introduced in haste, and such trend seems to be continued. Therefore, the plans that help the domestic insurance company reflect the characteristic of the insurance and expand the scope of business into the scope of property management according to the needs of customers under a universal financial service trend will be studied.

• Journal of the Korean Data and Information Science Society
• /
• v.22 no.6
• /
• pp.1137-1143
• /
• 2011

The purpose of this paper is to analyse the preference for direct marketing according to the characteristics of policyholders and suggest implications for marketing strategies with regard to direct marketing. A marked characteristic of this paper is a good quality of data and the results gained from analysing the data can be trusted very much. Binary logistic regression is employed. A statistically significant preference is shown in the group such as male, a younger generation, a hazardous occupation, the metropolitan area, and the customer of foreign company. The results suggest that promotion for female is needed to revitalize direct marketing. A tight underwriting for a hazardous occupation is also required.

• Journal of Korean Society of Industrial and Systems Engineering
• /
• v.33 no.1
• /
• pp.98-107
• /
• 2010

This paper reviews a case study of the use of eCRM weblog analysis for understanding of customer information and Customer-specific marketing Strategy by Korea's leading insurance company with the changing situation of the business environment due to the introduction of e-Business. This study examines how eCRM Solution is introduced and how range used in the insurance industry, and discuss the business performance and operational effectiveness of eCRM Solution.