Hanwha Life Sends New Year's Cards in Native Languages to Foreign Customers for Lunar New Year Holiday

Sending New Year's Cards in Chinese, Vietnamese, and Russian
About 70,000 Foreign Policyholders as of Last December
Number of Foreign Insurance Planners Reaches 1,600

Hanwha Life announced on the 22nd that it has introduced multilingual New Year's greeting cards in Chinese, Vietnamese, and Russian ahead of the Lunar New Year holiday. This initiative aims to enhance communication as the number of customers with diverse regional and cultural backgrounds, including foreigners residing in Korea and naturalized citizens, increases due to demographic changes.

Hanwha Life unveiled multilingual New Year's greeting cards to be delivered to customers with diverse regional and cultural backgrounds, including foreigners and naturalized citizens, ahead of the Lunar New Year holiday. From left to right: Korean, Russian, Chinese, Vietnamese. Provided by Hanwha Life

The multilingual greeting cards are sent to foreign and naturalized customers in languages familiar to them before the Lunar New Year holiday.

Hanwha Life supports multilingual services in customer notices and sales support systems to improve customer accessibility. Starting with Chinese in June last year, support for Vietnamese and Russian has been added.

This helps foreign-born customers and others understand the complex details of insurance subscriptions. Financial planners (FPs) can explain more easily to customers. This year, a multilingual switching feature will be introduced in the sales support system to enhance FP sales convenience.

The multilingual notices include essential information for customers such as how to submit insurance claims, change contract holders, insurance contract loans, insurance asset analysis, health discount methods, reissuance of policies, and premium payment methods.

As of December last year, Hanwha Life had about 70,000 foreign contract holders. This is approximately a 19% increase from 59,000 in the same month the previous year and about a 69% increase from 41,000 in December 2019, five years ago. There are about 1,600 foreign FPs.

Hanwha Life stated that it is formulating marketing strategies based on understanding foreign customers. In regions with a high population of foreign customers, sales branches focused on foreigners are operated.

Hanwha Life’s sales agency (GA), Hanwha Life Financial Services Gangil Branch (Hanam-si, Gyeonggi-do), has 60 out of 66 affiliated planners from Vietnam. About 95% of insurance contracts are related to foreigners. The Sindorim Branch (Guro-gu, Seoul) has 95 out of 102 planners born in China, accounting for 93%.

A Hanwha Life official said, "We support multilingual services to ensure sufficient information acquisition and improved accessibility for foreign insurance subscribers," adding, "We plan to introduce various services to enhance convenience for foreign customers, including expanding multilingual notice support."

According to the Korea Insurance Development Institute, as of 2022, there are approximately 1,913,000 long-term foreign residents. Their private insurance subscription rate is 41.1%, about half of the 86.4% subscription rate of native Koreans. According to the Korea Insurance Research Institute, the average annual growth rate of insurance subscriptions among foreigners residing in Korea from 2014 to 2020 was 17.8%, about seven times higher than the 2.6% average annual growth rate for native Koreans.