The Life Insurance Association announced on the 9th that it signed a Memorandum of Understanding (MOU) with KOTRA at KOTRA's headquarters in Seoul to support the overseas expansion of domestic life insurance companies.
[Asia Economy Reporter Oh Hyung-gil] The Life Insurance Association announced on the 9th that it signed a Memorandum of Understanding (MOU) with the Korea Trade-Investment Promotion Agency (KOTRA) at KOTRA's headquarters in Seoul to support the overseas expansion of domestic life insurance companies.
The two organizations plan to promote various cooperative projects for domestic life insurance companies, small and medium-sized enterprises, and startups that face difficulties in overseas expansion due to a lack of local market information and human networks.
KOTRA will provide on-site and in-depth information about overseas insurance markets to support the life insurance industry's exploration of new overseas markets. It will also actively support the establishment of networks for domestic companies with overseas regulatory authorities and industry experts.
The Life Insurance Association plans to promote KOTRA's overseas expansion projects using various promotional channels and support small and medium-sized enterprises to utilize more of KOTRA's services.
Additionally, they will collaborate in various fields such as holding meetings and seminars with foreign-invested life insurance companies, developing overseas training programs, and supporting the overseas expansion of domestic startups.
Jung Hee-soo, chairman of the Life Insurance Association, said, "With KOTRA's know-how in supporting Korean companies' overseas expansion worldwide, we will actively strive to encourage life insurance companies to take an interest in pioneering new overseas markets," adding, "The association will actively support the birth of global companies in life insurance, similar to Samsung Electronics and Hyundai Motor Company."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
