The Korean life insurance company Korea Life Vietnam on Thursday held a press briefing in HCMC to announce its brand name being officially changed into Hanwha Life Vietnam.
The change was announced after its parent company Korea Life Insurance had earlier been renamed Hanwha Life Insurance.
Even though the new name does not result in any changes in the business strategy as well as the operation of the insurance company in Vietnam, it is unavoidable that there will be certain impacts on customers, Hanwha Life Vietnam’s general director Back Jong Kook said.
Hanwha Life Vietnam has devised steps to minimize the impacts, including sending letters to the existing 23,000 clients and providing more training to its financial consultants at the same time.
Hanwha plans to train 9,000 financial consultants this year besides recruiting more financial consultants in the coming time with an aim to realize its business development goals.
Hanwha as of late 2012 obtained total premiums of VND168 billion, realizing 112% of the year’s plan. It has set the target of increasing the 2013 premiums to VND300 billion and will raise the amount to VND1 trillion by 2016 with a market share of 10% at home.
Hanwha now ranks seventh among 14 life insurance companies operational in Vietnam with 3.2% market share.
The Saigon Times Daily