Hanwha Life Insurance Establishes "Customer Trust PLUS Advisory Committee" to Strengthen Consumer Protection

On January 14, Hanwha Life Insurance announced the establishment of the "Customer Trust PLUS Advisory Committee," an independent advisory body composed of external experts, to further strengthen the fairness and expertise of its consumer protection efforts.

Kyungkeun Lee, CEO of Hanwha Life Insurance (third from left), Seungyoung Choi, CEO of Hanwha Life Financial Services (second from left), Byunggu Ko, CEO of People Life (second from right), Eunseok Kim, CEO of Hanwha Life Lab (far right), Sangho Park, CEO of IFC (far left), and Miyoung Kim, former Director of Financial Consumer Protection at the Financial Supervisory Service (fourth from left) are posing for a commemorative photo emphasizing the importance of financial consumer protection. Hanwha Life Insurance

Given the complex and long-term nature of insurance products, which often lead to differing judgments on individual cases, the company aims to institutionalize the input of independent external experts to build a more sophisticated consumer protection system.

The advisory committee will consist of five external experts in the insurance and financial sectors, including professors (in business administration and consumer studies), lawyers, doctors, actuaries, and consumer protection specialists. The committee will provide objective opinions on consumer rights protection issues to ensure fairness and will engage in in-depth discussions to develop professional policy measures for consumer protection.

Key insights derived from the committee's deliberations will be linked to improvements in internal systems and processes, thereby enhancing the effectiveness of Hanwha Life Insurance's consumer protection framework. The company plans to appoint the committee members and hold the first advisory committee meeting within the first quarter.

In September of last year, Hanwha Life Insurance launched the "Customer Trust Innovation Task Force (TF)" directly under the CEO, initiating a proactive risk management system focused on prevention. The CEO chairs the task force, with key executives participating to enhance company-wide execution. The establishment of the new advisory committee was also prompted by a shared recognition of its necessity across the organization, with the task force swiftly discussing and initiating its creation. Through these efforts, Hanwha Life Insurance is pursuing four major innovation tasks: products that are easy to understand, transparent sales processes, convenient customer guidance, and prompt resolution of complaints and disputes. The company is working on improving product terms and brochures, promoting digital sales, strengthening controls over incomplete sales, implementing AI-based complaint handling, and introducing the "One-Day Rapid Complaint Resolution" system.

To spread its consumer protection framework throughout the organization, Hanwha Life Insurance held the "Customer Trust PLUS Implementation Declaration Ceremony" the previous day at the 63 Building in Yeouido, Seoul. The event was attended by Kyungkeun Lee, CEO of Hanwha Life Insurance, as well as the CEOs of Hanwha Life Financial Services, Hanwha Life Lab, People Life, and IFC, along with the Chief Consumer Officer (CCO) and approximately 140 executives and employees.

Miyoung Kim, former Director of Financial Consumer Protection at the Financial Supervisory Service, also delivered a special lecture on "Measures to Strengthen Financial Consumer Protection in the Insurance Industry" during the event.

Kyungkeun Lee, CEO of Hanwha Life Insurance, stated, "Our commitment today with our executives and employees is not just a declaration, but a starting point for real action and results. We will further advance our consumer-centric management system and strive to become Hanwha Life Insurance, a company trusted and chosen by customers and the market."