BNP Paribas Cardif Life Insurance, the Korean subsidiary of BNP Paribas Cardif, the insurance arm of BNP Paribas, will spur the diversification of its sales channels and product portfolios upon its 10th anniversary in Korea.
Established as a joint venture between BNP Paribas Cardif and Shinhan Bank (Investment ratio of 85:15, respectively) in October 2002, BNP Paribas Cardif Life Insurance is based on its bancassurance-specialized products and a unique partnership model. It offers insurance products through a network of more than 2,000 branches in cooperation with 8 partners.
BNP Paribas Cardif Life Insurance has been strengthening its basis for growth in the Korean insurance market as a bancassurance-specialized insurer over the past decade. It now seeks to make another leap forward by extending its sales channels and product portfolios through a ‘Diversification’ strategy. In the light of rapidly changing market and new challenges, BNP Paribas Cardif Life Insurance is proactively reviewing diverse channels and products, while taking cautious steps to look for mutually beneficial model that can benefit the customers, partners and the company rather than focusing merely on ‘Channel expansion’.
Commenting on the company’s 10th anniversary and its forthcoming plan, Jean-Christophe Darbes, Chief Executive Officer of BNP Paribas Cardif Life Insurance, said: “Over the past decade, BNP Paribas Cardif Life Insurance has contributed to provide reliable insurance products to customers, and secured continued growth after reaching the break-even point just 3 years after establishing business in Korea. We will put our best efforts to extend our continued growth for another decade by diversifying sales channels and product portfolios to strengthen our position in the market.”
Upon his visit to Korea to celebrate the company’s 10th year in Korea, Jean-Bertrand Laroche, Chief Operating Officer, Head of Partnerships Channel of BNP Paribas Cardif and Xavier Guilmineau, CEO of BNP Paribas Cardif in Asia, commented that Korean insurance market still has plenty of growth potential. “We’re convinced that wealth will continue to grow in Korea, and the next blockbuster in this market will be sophisticated saving products, long term saving and long-term protection solutions” Mr. Laroche said. “In consideration of mounting interests on retirement plan in Korea, BNP Paribas Cardif Life Insurance will contribute not only to the stability of customers’ lives but also the growth of the Korean insurance industry by extending sales channel and product line” Mr. Guilmineau added.