Ceylinco Life senior management visit Samsung Life in Korea

A DELEGATION of 30 members of the senior management of life insurance leader Ceylinco Life recently visited Korea’s top insurer Samsung Life Insurance (SLI) for training and familiarisation and an exchange of ideas on new approaches to sales, customer service and retention of policyholders and staff.

The Korean giant whose recorded assets have topped US $ 100 billion, is the largest company outside the banking sector in Korea, and has insured more than 8.5 million Koreans or 17 per cent of the country’s population.

Commenting on the visit and the interaction between the two companies, Ceylinco Life’s Chief Executive Director R. Renganathan said: “Samsung Life has achieved significant improvements in persistency ratios, attaining sales targets and retention of sales personnel.

The company has also been very successful with direct payment mechanisms for collection of insurance premium. We are studying these successes for possible emulation”.

The four-day visit included a one-day workshop conducted for Ceylinco Life by Samsung Life, visits to Samsung Life’s training facilities in Seoul and a retirement home managed by the company, and familiarisation programmes.