BNP Paribas Cardif Life Insurance supports the elderly to improve their digital finance and credit management capacity through ‘Senior Credit Care Academy’

December 7, 2022

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)