BNP Paribas Cardif Life Insurance today announced the launch of ‘Signature CEO Term Life Insurance Plus (NP)’, a coverage plan in case of the absence of CEO.
In the face of persistently high interest rates, corporate credit leverage (corporate credit-to-GDP) reached its highest level ever last year, and the volume of self-employed loans exceeded KRW 1,000 trillion, with delinquency rates rising steeply. With the burden of interest payments on a company’s balance sheet, the unexpected absence of a CEO can lead to a number of risks that threaten the company’s existence. Therefore, it is essential to have safeguards in place to protect against the risks of CEO absence. [YHK1]
‘Signature CEO Term Life Insurance Plus (NP)’ is an incremental product that offers increased amount of benefit as the time passes. The Signature CEO Term Life Insurance Plus (NP) is characterized by the addition of the ‘Insurance Risk Score (IRS) Discount Rider II’ and the ‘Plus Savings Rider’ to the ‘Signature CEO Termlife Insurance’ launched in 2020, which enhances the credit management features as well as the ability to pay and accumulate extra funds that can be utilized when needed in the future. The products are now available on the general agency (GA) channel, partnered with BNP Paribas Cardif Life Insurance.
Subscribers can choose from 4 increasing rate options of 5%, 10%, 15%, 20%, depending on their financial situation, and death benefit increases accordingly 10 years after the subscription date. For example, if a customer subscribed of 5% increasing rate at the age of 40 with maturity age of 90, coverage amount of KRW 100 million, the death benefit increases by 5% annually up to KRW 3 billion.
The ‘IRS Discount Rider II’, which applies a discount rate based on the insured’s insurance risk score index, provides a discount of up to 5% on the main contract premium, and the ‘Plus Saving Rider’ allows customers to save the discounted premium along with the additional premiums paid at a disclosed interest rate, allowing them to utilize their funds more flexibly in the future.
Chul Kwon Choi, Head of General Agency Business at BNP Paribas Cardif Life Insurance, said “Signature CEO Term Life Insurance Plus (NP) is a product that helps CEOs ensure business continuity in the event of an unexpected management absence, allowing them to continue to build on their company’s success. With its incremental structure and enhanced capital utilization, we hope it will help business owners appropriately control the challenges of high interest rates”.
Entry age of ‘(NP) Signature CEO Termlife Insurance’ is from 25 to 70, and payment term options are available for 5/7/10/15/20 years, and whole period. Range of face amount is up to KRW 2 billion, and premium of 40 year-old male for 5% increasing rate is KRW 232,600 (face amount of KRW 100 million, maturity age of 90, whole period, monthly premium frequency).
*Source: Bank of Korea, <Financial Stability Report> (2023.12)
BNP Paribas Cardif Life Insurance announced that it is working with the Senior Financial Education Council (SFEC), a non-profit corporation under the Financial Services Commission (FSC), to carry out the ‘Senior Credit Care Academy’ to strengthen seniors’ digital finance and credit management capabilities.
Since 2019, BNP Paribas Cardif Life Insurance and SFEC have been conducting the ‘Senior Dream High’ program, providing a digital financial education to improve the senior’s literacy in financial area and to protect the rights and interests of seniors as financial consumers for 5 consecutive years.
The ‘Senior Credit Care Academy’ provided a total of 20 offline lectures from last November to March this year for participants including the members of SFEC partner organizations such as Senior Welfare Center and Libraries located in Seoul area, as well as BNP Paribas Cardif Life Insurance’s policyholder above the age of 50. During some of the lectures, the participants get to practice what they learnt with the BNP Paribas Cardif Life Insurance employee volunteers.
Lectures are provided by professional instructors on the most needed 5 topics for the elderly such as ▲how to use mobile banking, ▲how to use integrated account information management, ▲how to prevent financial fraud, ▲credit management to protect myself, and ▲how to prevent economic abuse and financial exclusion. Especially, the credit management section deals with the wise credit and debt management methods under the high interest rate, and creditor life insurance as a way to prevent the risk of the debt inheritance and non-payment of loans.
Jonathan Oh, the President and CEO of BNP Paribas Cardif Life Insurance, said, “With the recent acceleration of digital transformation across the financial industry, it’s more important than ever to pay attention to the needs of senior consumers who may otherwise be marginalized. Through this program, we hope to empower senior financial consumers with digital financial capabilities and help them lead confident and smart financial lives in a changing environment.”
BNP Paribas Cardif Life Insurance, which has been leading the way in building a healthy loan ecosystem by providing creditor life insurance, provides an integrated ‘Credit Care Program’ to support for credit management. Under the program, ‘Credit Care Guide’ offers useful information for credit management and ‘Credit Care Academy’ provides credit management economic education for the financially vulnerable, such as middle school students and seniors.
BNP Paribas announces the appointment of Dorothée Regazzoni as the Head of Territory for South Korea and CEO of BNP Paribas S.A., Seoul branch, effective 1 March 2024.
Dorothée will be responsible for managing the bank’s overall activities in Korea. She will report to Paul Yang, CEO of BNP Paribas Asia Pacific.
Paul Yang said: “South Korea is an important market for BNP Paribas where we support several strategic clients internationally. With Dorothée’s deep understanding of corporate and institutional banking and extensive experience in various industries, we are confident that BNP Paribas’ Korean business will further develop under her leadership. I would also like to thank Aymar for his strong leadership during his tenure as the Head of Territory for South Korea and look forward to his continued support for our Korean business in his new and enlarged role.”
Dorothée is a corporate banking expert with over 25 years of experience. She joined the BNP Paribas Group in 2009 as a senior banker at BNP Paribas Switzerland and has since held various executive positions across the corporate banking business in Europe. Most recently, she was Global Head of Multinational Corporate Coverage, Corporate and Institutional Banking (CIB) based in BNP Paribas Headquarters in Paris.
Prior to joining BNP Paribas Group, she was a senior banker in corporate and investment banking at Citigroup Switzerland. She holds an MBA degree from the University in St. Gallen.
Dorothée succeeds Aymar de Liedekerke Beaufort who has relocated to Hong Kong and assumed the role of Head of Global Banking, Asia Pacific.
BNP Paribas Cardif Life Insurance announced the launch of ‘(NP) Credit Care The Safe Creditor Insurance’ to support customers’ safe loan repayment and healthy credit management. This product will be provided from today through Shinhan Bank’s smartphone banking application named ‘Shinhan Sol’.
BNP Paribas Cardif Life Insurance is the life insurance subsidiary of BNP Paribas Cardif in Korea, the insurance arm of BNP Paribas, and the world leader in creditor insurance.
The newly launched ‘(NP) Credit Care The Safe Creditor Insurance’ is a creditor insurance product offered via bancassurance channel, applying the ‘Insurance Risk Score (IRS) Discount Rider’ which BNP Paribas Cardif Life Insurance acquired the exclusive sales right from the Korea Life Insurance Association last year.
‘Insurance Risk Score’ indexes the level of occurrence of insurance accidents based on the personal credit data, such as loan and card usage, registered in credit information company. Depending on the Insurance Risk Score calculated for each section (total 10 sections), the main contract premium is discounted by up to 10%. It can be recalculated once a year, and if this score improves, a larger discount rate is applied. Even if the score falls, he/she can continue to enjoy the previous premium discount rate, so this will be applied only in the direction of improving customer benefits.
A policyholder of ‘(NP) Credit Care The Safe Creditor Insurance’ can calculate his/her Insurance Risk Score with ‘MY Credit Care Service’ provided by MY Cardif, a mobile application of BNP Paribas Cardif Life Insurance, and check various contents that help with consistent credit management.
Choi Young-hwa, Deputy CEO of BNP Paribas Cardif Life Insurance said, “Since last year when interest rates began to rise in earnest, we have been accelerating the provision of creditor insurance that allows borrowers to prepare for the risk of unpaid loan. As proactive credit management can serve as a benefit in various financial transactions, including loans, we hope that this new product will be of practical help to a healthy credit management and sound financial life.”
Depending on the insurance period, ‘(NP) Credit Care The Safe Creditor Insurance’ can be purchased either as a renewable type (renewable up to 4 times every year after signing up for the initial contract) or a non-renewable type (6 to 30 year of maturity). The face amount can be set between KRW 5 million and KRW 1 billion within the amount of debt at the time of initial subscription. If a subscriber with the age of 40 who receives the 10% of maximum discount rate (IRS section 1), the monthly premium is KRW 8,280 for men and KRW 5,130 for women (Standard: initial contract, 1-year renewable type, face amount of KRW 100 million, whole term payment, monthly payment).
Meanwhile, BNP Paribas Cardif Life Insurance offers ‘Credit Care Program’, which provides integrated support for credit management. Under this program, ‘Credit Care Guide’ provides useful contents for safe loan repayment and wise credit management, and ‘Credit Care Academy’ is also in operation to offer corporate social responsibility activities via credit management economic education for the financially vulnerable.
BNP Paribas announces the appointment of Aymar de Liedekerke Beaufort as the Head of Territory for South Korea and Chief Executive Officer of BNP Paribas S.A., Seoul branch, effective 1 January 2023. He succeeds Philippe Noirot who will relocate to Singapore and assume the role of Head of Transaction Banking, Asia Pacific.
Aymar is responsible for managing the bank’s overall activities in Korea. He reports to Paul Yang, Chief Executive Officer of BNP Paribas Asia Pacific.
Commenting on Aymar’s appointment, Paul says: “BNP Paribas is committed to growing its business and footprint in South Korea; supporting our Korean Corporate and Institutional clients strategies. Under Philippe’s leadership in the past seven and a half years, BNP Paribas accelerated the strategic expansion of its Korean business considerably, supporting our clients growing locally and abroad. BNP Paribas also made significant strides in ESG financing to support transition of the South Korean economy – an ongoing trend that we will continue to see in the New Year. Armed with a wealth of experience in the Corporate and Institutional banking industry, I have every confidence in Aymar’s ability in further strengthening our business in Korea by supporting the needs of our Korean and international clients.”
Aymar was previously Head of Territory and Head of Corporate and Institutional Banking (CIB) for BNP Paribas India. As a 30-year BNP Paribas veteran, Aymar previously held senior management roles at BNP Paribas including Head of Territory for Vietnam, Head of Territory for Czech Republic and Slovakia, Head of Territory for Hungary and South Eastern Europe, Deputy Head of Corporate and Transaction Banking Europe and Head of Corporate Coverage in Transaction Banking, Germany.
Aymar holds a diploma in International Affairs from the European Business School.
BNP Paribas Cardif Life Insurance announced that it is working with the Senior Financial Education Council (SFEC), a non-profit corporation of the Financial Services Commission (FSC), to carry out the ‘Senior Credit Care Academy’ to strengthen seniors’ digital finance and credit management capabilities.
BNP Paribas Cardif Life Insurance is a subsidiary of BNP Paribas Cardif in Korea, the insurance arm of BNP Paribas, and the world leader in creditor insurance.
According to the 「2021 Survey on Digital Divide[1]」, the level of digital literacy of the senior is the lowest among the 4 information vulnerable classes (disabled, low-income class, farmers and fishermen, and the senior), and the use rate of financial transaction services is low as well. These low numbers could indicate a need for digital financial education for the senior.
Since 2019, BNP Paribas Cardif Life Insurance and SFEC have been conducting the ‘Senior Dream High’ program, providing a digital financial education to improve the senior’s literacy in financial area and to protect the rights and interests of seniors as financial consumers. From this year, the curriculum for “Senior Credit Care Academy” has been expanded by adding education on credit management, which is becoming more important during an era of interest rate hike.
The ‘Senior Credit Care Academy’ provided a total of 15 offline lectures by mid-December for participants including the members of SFEC partner organizations from Yeongdeungpo 50 Plus Center and Songpa Welfare Center, as well as BNP Paribas Cardif Life Insurance’s policyholder above the age of 50. Lectures are provided by professional instructors on topics such as ▲how to use mobile banking, ▲how to use integrated account information management, ▲how to prevent financial fraud, and ▲credit management. During the lectures, the participants get to practice what they learnt with the BNP Paribas Cardif Life Insurance employee volunteers. The credit management section added this year deals with the concept of credit, wise credit management methods, and creditor life insurance as a way to prevent the risk of non-payment of loans and the debt inheritance.
Jonathan Oh, the President and CEO of BNP Paribas Cardif Life Insurance, said, “We hope that this CSR activity will contribute to bridging the digital finance gap between generations amid the accelerated development of digital finance after the Covid-19. Also, hopefully the senior financial consumers will prepare for the changing financial environment such as rising interest rates, and lead a more confident financial life through the expanded curriculum”.
BNP Paribas Cardif Life Insurance, which has been leading the way in building a healthy loan ecosystem by providing creditor life insurance, started to implement the ‘Credit Care Program’ this year. The program provides integrated support for credit management, which is a basic of financial life. Under the program, ‘Credit Care Guide’ offers useful information for credit management and ‘Senior Credit Care Academy’ provides credit management economic education for the financially vulnerable, such as middle school students, single parents, and seniors.
[1] Source : Ministry of Science and ICT, National Information Society Agency (2021)
BNP Paribas Cardif Life Insurance is providing the ‘Shinhan Bank Loan Safe Plan’ to help reduce the risk of household debt for the financially vulnerable together with Shinhan Bank.
Shinhan Bank Loan Safe Plan is the first loan repayment guarantee service provided to New Hope Spore Loans[1] customers in credit finance as part of Shinhan Financial Group’s ‘Together Project’ to support the financially vulnerable. With this collaboration, the two companies hope to help protect the household economy amid worsening economic and financial conditions.
BNP Paribas Cardif Life Insurance is a subsidiary of BNP Paribas Cardif in Korea, the insurance arm of BNP Paribas, and the world leader in creditor insurance.
At a time where financial authorities lead several support measures such as the activation of the banking sector’s loan products offering a preferential interest rate for the low-income class and the expansion of the New Hope Spore Loans limit in order to solve the financial difficulties of the financially vulnerable, Shinhan Bank and BNP Paribas Cardif Life Insurance start to provide the ‘Shinhan Bank Loan Safe Plan’, a creditor insurance service that will serve as a stepping stone for a healthy credit management as well as a reliable loan safety device for the low-income class and the low-credit class.
‘Shinhan Bank Loan Safe Plan’, based upon the BNP Paribas Cardif Life Insurance’s ‘(NP) The Safe Group Creditor Insurance (Renewable, 3 Critical Illness Type)’, is a group insurance service in which the insurance company repays the remaining loan balance if the customer, who received Shinhan New Hope Spore, has difficulty in repaying the loan due to an unexpected accident during the service period.
Guaranteed claims is up to KRW 35 million, and the service is provided for up to 12 months from the date of subscription. Since the insurance premium is fully supported by Shinhan Bank, customers can benefit from this service only by agreeing to service subscription after the loan is executed.
Jonathan Oh, the President and CEO of BNP Paribas Cardif Life Insurance, said “The ‘Shinhan Bank Loan Safe Plan’ is a service that manages the entire loan cycle of New Hope Spore customers for the first time in credit finance. As the risk of household debt repayment has recently increased due to high interest rates and inflation, not only the borrowers but credit finance companies are also paying attention to creditor insurance. It is because under the current situation, a comprehensive loan care is advised to prepare for various risks in the loan repayment journey. We hope that the ‘Shinhan Bank Loan Safe Plan’ can be a leading practice case for household loan management by being a practical safety device supporting customers facing loan repayment risks with a successful loan repayment.”
Meanwhile, BNP Paribas Cardif Life Insurance, which has been at the forefront of providing creditor insurance in the domestic insurance market, is also contributing to helping people deal with social problems such as debt inheritance by implementing a ‘Credit Care Program’ that provides integrated support for customers’ credit management along with related products. Currently, the company operates the credit management content hub ‘Credit Care Guide’ to support the healthy credit life of customers, and carries out the ‘Credit Care Academy’, a corporate social responsibility activity focusing on credit management for youth, single parents, and seniors.
[1] Requested by the Financial Supervisory Service (FSS), ‘New Hope Spore Loans’ is operated as one of policy finance loan products by local banks to support the financially vulnerable who meet the certain requirements in regards to their income and credit rating.
BNP Paribas Cardif Life Insurance announced the launch of ‘Credit Care Loan Safe Protection Insurance (NP)’ to support customers’ safe loan repayment and healthy credit management. This product will be provided through General Agency (GA) affiliated with BNP Paribas Cardif Life Insurance.
BNP Paribas Cardif Life Insurance is the life insurance subsidiary of BNP Paribas Cardif in Korea, the insurance arm of BNP Paribas, and the world leader in creditor insurance.
As interest rates continue to rise amid the household loan deregulations, the risk of household debt insolvency is growing nowadays. Under this situation, the importance of safe loan repayment and credit management, which is the basic for having a healthy financial life, has been more emphasized. ‘Credit Care Loan Safe Protection Insurance (NP)’ is a product that repays loans in case of an unexpected accident during debt repayment, and policyholder can get a premium discount benefit through the industry’s first ‘Insurance Risk Score (IRS) Discount Rider’ applied to this new product.
‘Insurance Risk Score’ indexes the level of occurrence of insurance accidents based on the personal credit data, such as loan and card usage, registered in credit information company. This score was developed by BNP Paribas Cardif Life Insurance in collaboration with RGA Reinsurance Company. Depending on the Insurance Risk Score calculated for each section, the main contract premium is discounted by up to 10%. It can be recalculated once a year, and if this score improves, a larger discount rate is applied. Even if the score falls, he/she can maintain the previous premium discount rate, so this will be applied only in the direction of improving customer benefits. A policyholder of ‘Credit Care Loan Safe Protection Insurance (NP)’ can calculate his/her Insurance Risk Score with ‘MY Credit Care Service’ and check various contents that help with credit management and improvement.
Jeong Soo Han, the Head of Product Development department at BNP Paribas Cardif Life Insurance said, “Creditor Insurance is a way for borrowers to prepare for the risk of debt repayment. In addition to this, we support our policyholders to manage their ‘credit’, the basic for a healthy financial life, along with the benefits of ‘Insurance Risk Score (IRS) Discount Rider’ which acquired the exclusive sales right from the Korea Life Insurance Association (KLIA). We hope that it will become a product that contributes to a virtuous cycle in which customers receive premium discount benefits through their credit management, insurance companies lower the risk of insurance accidents through customer’s credit management, and socially reduce problems resulting from household default.”
The ‘Credit Care Loan Safe Protection Insurance (NP)’ can be subscribed from the age of 19 to 65, and in addition to the main contract that guarantees death, policyholder can also prepare for cancer, cerebral hemorrhage, acute myocardial infarction, and TPD (Total Permanent Disability) through special contracts. In case of subscriber with the age of 40 who receives the 10% of maximum discount rate (IRS section 1), the monthly premium is KRW 27,810 for men and KRW 18,000 for women (Standard: face amount of KRW 100 million for the main contract, 20 years of maturity, whole period, monthly premium frequency).
In addition, BNP Paribas Cardif Life Insurance is implementing a ‘Credit Care Program’ so that general customers and financially vulnerable groups other than subscribers can understand the concept of credit and manage it steadily. To provide useful contents for safe loan repayment and wise credit management, a ‘Credit Care Guide’ was newly established on the official website. For the financially vulnerable, the ‘Credit Care Academy’, which reorganized existing economic education CSR activities, is undergoing in order to more focus on the education for credit management.
BNP Paribas announces today that it is participating as an official sponsor to the 24th Seoul International Women’s Film Festival for the fourth consecutive year since 2019. This year, the firm will lend its support towards the discovery of female talent in short film production through the ‘BNP Paribas Asian Shorts Award’.
Since 1997, the Seoul International Women’s Film Festival has led the development of the film industry by discovering female filmmakers and sponsoring women’s film projects. It has established its status as the hub of women’s film network in Asia Pacific. This year’s film festival will be held at the Megabox Sangam World Cup Stadium and the Oil Tank Culture Park in Seoul until 1 September and will showcase 122 films from 33 countries.
BNP Paribas has been an avid supporter of the global film industry for over 100 years. At this year’s film festival, the firm’s supported film “Eiffel” (2021) will be featured; following last year’s special screening of another BNP Paribas supported film “WOMAN” (2019). “Eiffel” is based on the story of Gustave Eiffel, the architect who designed the Statue of Liberty, completing the Eiffel Tower to commemorate the 1889 World Expo in Paris. With a realistic biography and romantic love story, it was well-received by the audience when it was released in theatres in 2021.
Philippe Noirot, Territory Head of BNP Paribas South Korea, said: “While it was not possible to watch movies in theatres at the peak of COVID-19 pandemic, I am glad that audiences can now enjoy the splendour of movies from the big screen safely at the festival and continue supporting the culture of gender equality in the film industry.”
“Diversity, Equality and Inclusion are some of the most important values of BNP Paribas. As a global bank, we hope that gender equality can be realized in the Korean film industry in line with the high status of Korean culture, and that our continued support will make a difference towards the development and support of female filmmakers in Korea,” added Noirot.
Meanwhile, BNP Paribas has been making strong efforts to achieve gender diversity. It has set a target of raising the percentage of female executives on the board to 40% by 2025. In addition, BNP Paribas joined OneInThreeWomen network and also signed #JamaisSansElles, the social solidarity movement, for the first time among the global financial institutions to support gender equality.
BNP Paribas Cardif Life Insurance announced that it has signed a bancassurance partnership agreement with BNK KyongNam Bank, and started to offer ‘(NP) Safe Dream Personal Accident Insurance’ through BNK KyongNam Bank’s 132 branches (as of the end of March 2022).
BNP Paribas Cardif Life Insurance is the life insurance subsidiary of BNP Paribas Cardif in Korea, the insurance arm of BNP Paribas.
‘(NP) Safe Dream Personal Accident Insurance’ is a ROP (return of premium) type of insurance which guarantees a death benefit as well as the return of paid insurance premiums at the time of death. In case that no accident has occurred at the time of maturity, 100% of paid insurance premiums will be paid back.
Both corporate and individual customer can subscribe, so individuals can prepare for unexpected accidents in their daily life, and corporates can prepare for the risk of CEO absence due to accidents.
Customers have the choice between two types of coverage: <PA death protection> and <General PA protection>. If a customer select <PA death protection>, ‘KRW 300 million + insurance premium paid at the time of death’ in case of death from a traffic accident, and ‘KRW 200 million + insurance premium paid at the time of death’ in case of death due to a general accident other than a traffic accident (Face amount of KRW 100 million). If a customer select <General PA protection>, he/she will be guaranteed coverage for disability, surgery and fracture treatment in addition to death from traffic and non-traffic accidents. Along with its non-renewable nature, this product lowers the burden of increasing insurance premiums. In addition, customers can receive annuity in preparation for their post-retirement life by selecting the annuity conversion rider.
Park Bong-soo, Chief Sales Officer of Bancassurance Department at BNP Paribas Cardif Life Insurance said, “‘(NP) Safe Dream Personal Accident Insurance’ prepares for unexpected accidents and provides 100% of the premiums paid at maturity, providing customers with more peace of mind. Through the recent partnership between BNP Paribas Cardif Life Insurance and BNK KyongNam Bank, we hope that this product will be a reliable safety net for customers in Kyongnam region as well.”
‘(NP) Safe Dream Personal Accident Insurance’ can be purchased from the age of 25 to 70 with the insurance period of 3 years / 5 years / 10 years (Regular or Single Payment). The face amount of insurance can be up to KRW 100 million for both <PA death protection> and <General PA protection> types.
After subscribing to ‘(NP) Safe Dream Personal Accident Insurance’, customers can view and manage their comprehensive financial assets, including insurance, through the ‘MY Assets’ service of BNK KyongNam Bank’s mobile banking app.