BNP Paribas Cardif Life Insurance announced that it launched the ‘Non-dividend (e)Loan Safe Protection Insurance (Plan Type)’, which is more convenient and reliable to customers with three types of plan. Starting today, this product will be sold through ‘Bank Mall’, an online mortgage loan interest rate comparison platform, and ‘FP Korea’, an independent General Agency (GA).
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 introduced ‘(e)Loan Safe Protection Insurance (Plan Type)’ is divided into 3 types of plans including <General Plan>, <Cancer Plan>, and <3 CI[1] Plan> so that the customers can choose a coverage that suits their needs. In the event of an insurance accident such as death due to illness or accident, the insurance company will pay off the remaining balance on behalf of the borrower, so the debt is not passed on to the family. Also, as the insurance benefits in excess of the loan outstanding balance can be used as living expenses, this product will help protect the household economy even in case of an unexpected situation.
Si Hyuk Lim, the Head of GA/Business Development department of BNP Paribas Cardif Life Insurance said, “As a sole provider of Creditor Insurance in Korea, BNP Paribas Cardif Life Insurance has expanded its sales channels of Loan Safe Protection Insurance from offline to online, and diversified customer choices by launching this new plan type option. We will continue to improve the convenience and benefits of our customers, and do our best to make insurance more accessible and be a reliable supporter for their loan repayment journey.”
‘(e)Loan Safe Protection Insurance (Plan Type)’ can be subscribed from the age of 19 to 65, and the customer can select the coverage options from the general plan, cancer plan, and 3 CI plan. The face amount starts from KRW 5 million, and up to KRW 1 billion can be subscribed in the case of a general plan that covers death and permanent disability. When a 40-year-old subscribes the general plan, the monthly premium is KRW 16,200 for male and KRW 10,700 won for female customer (standard: face amount of KRW 100 million, 10-year policy period, 10-year payment period).
BNP Paribas Cardif Life Insurance, Bank Mall, and FP Korea signed a Memorandum of Understanding (MOU) in August to activate ‘Credit Insurance’ as a safety net for the risk of unexpected accident during the loan repayment. Based on BNP Paribas Cardif Life’s expertise in Creditor Insurance and Bank Mall’s mortgage interest rate comparison service, those companies will collaborate to support mortgage loan borrower while managing their long-term debt repayment risk.
Meanwhile, BNP Paribas Cardif Life Insurance will hold an event to present gift voucher worth up to KRW 30,000 to customers who newly subscribe ‘(e)Loan Safe Protection Insurance (Plan Type)’ until the end of January.
[1] Critical Illness (CI)
BNP Paribas Cardif Life Insurance announced that it conducted an online financial education campaign titled ‘2021 Financial Mission Challenge’ to enhance seniors’ digital literacy in financial area with the Senior Financial Education Council (SFEC), a non-profit organization under the umbrella of Financial Services Commission.
BNP Paribas Cardif Life Insurance is the life insurance subsidiary of BNP Paribas Cardif in Korea, the insurance arm of BNP Paribas.
BNP Paribas Cardif Life Insurance and SFEC have been operating the ‘Senior Dream High’ program since 2019 with the aim of ‘Providing digital financial education for senior financial consumers to protect their rights and interests’. In particular, the Financial Mission Challenge campaign this year was targeting the people in their 50s, as both parties agreed the growing needs of strengthening seniors’ digital financial capabilities after Covid-19. The campaign was held from November 15 to 29, and approximately 300 seniors participated including members of SFEC such as the Seoul 50 Plus Center, Senior Club, Government Employees Pension Service, and policyholders over 50 of BNP Paribas Cardif Life Insurance.
This campaign consists of three missions including; ▲‘<Mission 1> The King of Financial Knowledge’ to learn essential financial knowledge through textbooks and video lectures, ▲‘<Mission 2> The King of Digital Finance’ to experience useful digital financial practices in daily life, ▲‘<Mission 3> The King of Financial Quiz’, a real-time online quiz show to review what the participants have learned. Particularly, the <Insurance> section of ‘Best 30 Financial Tips for Seniors’, a textbook for the 1st mission, contains useful information related to insurance subscription, contract, and claim, as well as a product information for the Creditor Insurance, a safety net to prepare against the risk during loan repayment, which is currently only available at BNP Paribas Cardif Life Insurance in the Korean life insurance market.
Jonathan Oh, the President and CEO of BNP Paribas Cardif Life Insurance, “‘Senior Dream High’ is a representative corporate social activity of our company in line with the BNP Paribas Cardif’s mission of “Make insurance accessible to the largest possible number of people” as well as the financial authorities’ focus on financial consumer protection. We will continue to do our best efforts to implement an inclusive finance as a responsible insurer so that the seniors will not be left behind in the rapidly changing digital financial environment.”
BNP Paribas Cardif Life Insurance announced that it will enhance customer convenience in line with the mobile era and strengthen the after service functions towards its flagship product through the digital platform revamp, including its official website and MYCardif, a mobile application for policyholder.
BNP Paribas Cardif Life Insurance is the life insurance subsidiary of BNP Paribas Cardif in Korea, the insurance arm of BNP Paribas.
As part of efforts to improve the convenience of mobile users, the official website and contract management application have been completely redesigned to provide a user experience and user interface optimized for the mobile environment. As a result, a customer journey to find information and utilize service on mobile devices have become more convenient. The login process for MYCardif app has been continuously improved as well by introducing the bio authentication.
Another noteworthy part is that the after service functions for variable insurance, our flagship product, has been further strengthened. For the newly established ‘My UL Brief’ menu on MYCardif app, ▲the screen is configured to see the reserve amount and the accumulation rate at a glance, making policyholders possible to intuitively check the rate of return. Also, ▲by providing information such as Best & Worst Fund, My EMP (in the case of ETF variable insurance subscribers who have selected EMP investment strategy), access to fund information and convenience for using app have been enhanced. Furthermore, functions such as automatic conversion of bond-type funds that were previously only available through call centers or partner banks have been added to the MYCardif app.
Seung Woo Lee, Chief Operating Officer (COO) of BNP Paribas Cardif Life Insurance in charge of IT, Business Process, Project, Operating and Security, said, “As customers’ use of mobile financial services increases after Covid-19, a need for developing a more user-friendly digital platform has raised. In particular, this recent revamp project focuses on improving the mobile-optimized design and user interface, as well as providing services that actively support contract management for variable insurance policyholders. We hope that this new digital platform will be helpful for long-term investment activities of our customers”.
Meanwhile, BNP Paribas Cardif Life Insurance will hold an event to celebrate the digital platform revamp until the end of the year. Customers who log-in to the MYCardif app more than once during the event period or use MYCardif’s insurance services (consent to marketing use, top-up, fund change, etc.) will receive a gift such as hotel voucher, department voucher, 2020 calendar via lucky draw.
BNP Paribas Cardif Life Insurance announced that it launched the ‘Better Healthier Loan Safe Protection Insurance (NP)’ which adds healthcare benefits to loan repayment guarantee through General Agency (GA) channel, along with the company’s first healthcare service ‘MY Healthy Age’ starting from today.
BNP Paribas Cardif Life Insurance is the life insurance subsidiary of BNP Paribas Cardif in Korea, the insurance arm of BNP Paribas.
As the healthcare industry has been activated recently, the expected role of the insurance industry is also changing from ‘aftercare treatment’ to ‘healthcare for advanced prevention’[1]. Accordingly, many domestic and foreign insurance companies are showcasing a variety of products and services related to healthcare, in addition to the core feature of insurance which manages the lifetime risk of each individual.
The ‘Better Healthier Loan Safe Protection Insurance (NP)’ is a product in which the insurance company repays the remaining loan balance in the event of an unexpected accident. The ‘MY Health Age’ service analyzes the latest health checkup information of policyholder registered in the National Health Insurance Service, and informs them of his/her health status in an easy-to-understand manner. Up to 10% of the main contract premium will be discounted if a person is younger than the chronological age in terms of his/her health age. In addition, this service helps policyholders maintain their health by offering a customized health information related to exercise and diet.
An agile team composed of BNP Paribas Cardif Life Insurance’s employees are directly involved in from the planning to the development of the ‘MY Health Age’ service through BNP Paribas Cardif’s Asia Innovation Factory. The company will continue to make consistent improvements from the policyholder’s feedback towards this service.
Jonathan Oh, the President and CEO of BNP Paribas Cardif Life Insurance said, “This newly launched product expands customer benefits by combining creditor insurance that repays loans on behalf of the borrower and healthcare functions that promote policyholder’s health. In particular, with the ‘MY Health Age’ service which is our first step to meet consumers’ interest and needs for a healthy life, we hope that our policyholder can protect their beloved family and asset from the default, and maintain their healthy lifestyle with this new service together.”
The ‘Better Healthier Loan Safe Protection Insurance (NP)’ is available for customers aged 19 to 65, and policyholders can prepare for cancer, microcancer, cerebral hemorrhage, acute myocardial infarction and TPD (Total Permanent Disability) through special contracts in addition to death. If the 40-year-old receives the maximum discount rate of 10% (when the difference between actual age and health age exceeds 4), the monthly premium is KRW 27,810 for men and KRW 18,000 for women (Standard: face amount of KRW 100 million for main contract, 20 years coverage, whole payment period, monthly payment).
BNP Paribas Cardif Life Insurance will hold a subscription event for new policyholder until January 31, 2022, in which gift voucher of up to KRW 30,000 will be presented according to the monthly premium to celebrate the launch of the ‘Better Healthier Loan Safe Protection Insurance (NP)’.
[1] Source : Financial Services Commission, Presentation material for the 1st meeting of ‘Task Force for healthcare activation in insurance industry’
BNP Paribas Cardif Life Insurance announced that it has signed a business agreement with Kbank, the first internet bank in Korea, to provide a group creditor insurance service ‘Loan Safe Plan’.
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. Currently, BNP Paribas Cardif Life Insurance is a sole creditor insurance provider among local life insurers.
The ‘Loan Safe Plan’ provided through BNP Paribas Cardif Life Insurance’s ‘(NP) The Safe Group Creditor Insurance IV (renewable)’ will repay the remaining loan balance to the lender on behalf of a policyholder when he or she passes away due to unexpected accident or is diagnosed with more than 80% of Total Permanent Disablement.
Up to KRW 50 million is guaranteed, and customers can easily benefit from this service with a simple agreement to subscription document after the loan is executed, since the insurance premium is fully covered by Kbank,
Jonathan Oh, the President and CEO of BNP Paribas Cardif Life Insurance said, “While household loans recorded the highest increase this year, the increase in heavy debtors and the risk of a rise in loan interest rates are threatening the household economy. The need for safety net during the repayment period is also increasing accordingly. Through this collaboration with Kbank, a leading online financial service in Korea, we hope to help customers on their safe loan repayment journey and contribute to the expansion of a healthy loan ecosystem.”
BNP Paribas announces today that it has participated as an official sponsor of the 23rd Seoul International Women’s Film Festival for the third year in a row.
BNP Paribas has been supporting the development of the global film industry for over 100 years and it has been supporting the Seoul International Women’s Film Festival since 2019. This year, BNP Paribas supported the ‘BNP Paribas Asian Shorts Award’ which recorded 1,017 films from 64 countries reaching the highest number of submissions in the history of the film festival. In addition, BNP Paribas employees directly participated in the film festival as volunteers through translation work.
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 was held at the Megabox Sangam World Cup Stadium and the Oil Tank Culture Park in Seoul from 26 August until 1 September with 119 films from 27 countries.
Furthermore, the BNP Paribas Group sponsored film WOMAN, directed by Anastasia Mikova and Yann Arthus-Bertrand, was specially screened at the ‘Star Talk’ with actress Moon Ga-Young, the ambassador of the festival. By bringing together nearly 2,000 testimonies from women in more than 50 countries, the film brought the women’s lives to the screen and showed their determination and capacity to change the world despite all the difficulties they face.
Philippe Noirot, Territory Head of BNP Paribas South Korea, said: “We are very pleased to continue our sponsorship to the Seoul International Women’s Film Festival for the third year. BNP Paribas values diversity and inclusion, and we continuously make efforts to contribute to solving various social problems, including gender inequality. We hope that our sponsorship will have a positive impact on the position of women in the film industry and help discover talented female filmmakers.”
Meanwhile, BNP Paribas is actively making efforts to realise gender equality including its global partnership with #HeForShe, the UN’s global solidarity movement for gender equality, and also by signing #JamaisSansElles, the social solidarity movement, for the first time among the global financial institutions.
BNP Paribas announces today that it has participated as an official sponsor of the 23rd Seoul International Women’s Film Festival for the third year in a row.
BNP Paribas has been supporting the development of the global film industry for over 100 years and it has been supporting the Seoul International Women’s Film Festival since 2019. This year, BNP Paribas supported the ‘BNP Paribas Asian Shorts Award’ which recorded 1,017 films from 64 countries reaching the highest number of submissions in the history of the film festival. In addition, BNP Paribas employees directly participated in the film festival as volunteers through translation work.
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 was held at the Megabox Sangam World Cup Stadium and the Oil Tank Culture Park in Seoul from 26 August until 1 September with 119 films from 27 countries.
Furthermore, the BNP Paribas Group sponsored film WOMAN, directed by Anastasia Mikova and Yann Arthus-Bertrand, was specially screened at the ‘Star Talk’ with actress Moon Ga-Young, the ambassador of the festival. By bringing together nearly 2,000 testimonies from women in more than 50 countries, the film brought the women’s lives to the screen and showed their determination and capacity to change the world despite all the difficulties they face.
Philippe Noirot, Territory Head of BNP Paribas South Korea, said: “We are very pleased to continue our sponsorship to the Seoul International Women’s Film Festival for the third year. BNP Paribas values diversity and inclusion, and we continuously make efforts to contribute to solving various social problems, including gender inequality. We hope that our sponsorship will have a positive impact on the position of women in the film industry and help discover talented female filmmakers.”
Meanwhile, BNP Paribas is actively making efforts to realise gender equality including its global partnership with #HeForShe, the UN’s global solidarity movement for gender equality, and also by signing #JamaisSansElles, the social solidarity movement, for the first time among the global financial institutions.
BNP Paribas Cardif Life Insurance announced that it would start ‘2021 Dream High’, a financial education and career mentoring programme for middle/high school and college students. ‘Dream High’ is BNP Paribas Cardif Life Insurance’s long-term CSR project aimed at offering financial education and mentoring for people of different ages. Since 2011, the company partnered with Junior Achievement Korea, an affiliate of international NGO specialising in economic education, providing various education programs to support the future of young generation.
BNP Paribas Cardif Life Insurance is the life insurance subsidiary of BNP Paribas Cardif in Korea, the insurance arm of BNP Paribas.
The ‘2021 Dream High’ programme consists of two activities: Career Mentoring Workshop for college students and Financial Education Programme for middle/high school students. On 20 August 2021, a virtual career mentoring workshop has been conducted for college students who wish to explore the job opportunity in a foreign and/or financial company. Starting with the CEO’s welcome greetings and the HR executive’s special lecture on recruitment trends, students were invited to join several online training sessions including mock interview training, job mentoring with working-level staff from various departments, and resume/cover letter reviewing.
A ‘Dream High Financial Education Volunteer Group’ is formed for the Financial Education Programme and provides financial education for middle/high school students from October to November 2021. The volunteer group consists of college students participating in the Career Mentoring Workshop and the company’s staff volunteers.
Jonathan Oh, the President and CEO of BNP Paribas Cardif Life Insurance, “As part of our ESG (Environmental, Social, Governance) management and financial inclusion initiatives, which we as well as society on the whole regard as important factors of financial companies’ social responsibility, we are continuing the Dream High programme to support the economic independence of various members of society. We hope that this programme will serve as an opportunity for youngsters to cultivate a sound sense of values in financial areas and to take one step closer to their dreams.”
Meanwhile, BNP Paribas Cardif Life Insurance started an economic education for underprivileged children in 2011, and has been conducting financial education and career mentoring programmes for middle/high school and college students every year since 2013. Other than youngsters, in 2019, BNP Paribas Cardif Life Insurance also has signed a partnership agreement with the Senior Financial Education Council to launch a ‘Senior Dream High’ programme to support the seniors to improve their digital financial literacy through digital financial education.
BNP Paribas Cardif Life Insurance signed a Memorandum of Understanding (MOU) on August 4 with an online mortgage loan interest rate comparison platform ‘Bank Mall’ and General Agency (GA) ‘FP Korea’ to activate Creditor Insurance, which functions as a safety net for the risk of unexpected accident during the repayment period.
BNP Paribas Cardif Life Insurance is the life insurance subsidiary of BNP Paribas Cardif in Korea, the insurance arm of BNP Paribas.
BNP Paribas Cardif Life Insurance’s Creditor Insurance prevents the inheritance of debts by paying off the remaining loan on behalf of the borrower when he or she becomes difficult to repay the loan due to an unexpected accident or illness. As Bank Mall’s main service is to compare interest rates of mortgage loan that the borrower should deal with for a long period of time, BNP Paribas Cardif Life Insurance seeks an opportunity to activate Creditor Insurance based on mortgage loan, which accounts for more than 70% of total household loan in Korea[1], through this trilateral MOU. FP Korea will be in charge of sales and contract management of Credit Insurance which is to be provided via Bank Mall.
Jonathan Oh, the President and CEO of BNP Paribas Cardif Life Insurance, said, “As household loan growth in the first half of this year was at an all-time high again, a risk management for a long-term debt repayment especially for mortgage loan, which accounts for the largest portion of household asset, is now essential. Through BNP Paribas Cardif Life Insurance’s Creditor Insurance, we hope that Bank Mall’s loan customers will be able to protect their property and family from the debt inheritance even in unexpected accidents”.
Based on this MOU, the three companies will introduce online Creditor Insurance through the Bank Mall in September.
[1] Source : Financial Market Trend during June, 2021 (Bank of Korea)
BNP Paribas Cardif Life Insurance announced the launch of ‘ETF Variable Insurance 2.0’, a next generation ETF variable insurance product lineup that enables both Passive/Active funds and ETF/EMP investments within one product. Upgraded ETF Variable Insurance 2.0 will provide an expanded investment portfolio by embracing Active/Thematic ETFs.
BNP Paribas Cardif Life Insurance is the life insurance subsidiary of BNP Paribas Cardif in Korea, the insurance arm of BNP Paribas.
Since 2017, BNP Paribas Cardif Life Insurance has been at the forefront of providing easy and convenient ETF Managed Portfolio (EMP) solutions by launching various variable insurances consisting of ETFs with low fund cost. The company now focuses on ‘Active ETF’ which has been showing continuous growth in the global ETF market at an average annual growth rate of 50% since 2010[1], and upgraded its flagship variable insurances.
The core of BNP Paribas Cardif Life Insurance’s newly introduced ‘ETF Variable Insurance 2.0’ is that it expands the customers’ investment options so that they can enjoy the advantages of Passive/Active funds and ETF/EMP investments within one product. Firstly, ▲this product lineup includes ‘Active ETF’ which pursues alpha returns based upon the fund manager’s active decision on the underlying portfolio allocation, along with the existing Passive ETF tracking the market index. In addition to this, it also provides ‘Thematic ETF’ which aims for future growth-type investment. Furthermore, ▲ETF Variable Insurance 2.0 proposed a new investment portfolio titled ‘Active Solution’ EMP’ focusing on Active/Thematic ETF as its underlying portfolio.
As a result, customers can flexibly utilize passive and active investments according to market conditions either by EMP which offers convenient asset management, or by selecting individual fund by themselves. If a customer chooses EMP, he/she can make a professional long-term investment easier and more conveniently through quarterly auto rebalancing based on investment advisory information provided by Samsung Asset Management, which holds the No.1 ETF market share in Korea.
Younghwa Choi, Vice President of BNP Paribas Cardif Life Insurance, said, “ETF variable insurance is our flagship product that is steadily gaining popularity among customers looking for long-term investment solutions. Now, we have entered the ‘era of 2.0’ as our ETF variable insurance evolves to the next generation by offering various investment strategies along with Passive/Active funds and ETF/EMP investments. We will continue to strive to provide customers with better investment experiences and values through new attempts reflecting the latest investment trends.”