Hanwha Life Insurance is solidifying its position as a global financial company by expanding its reach into Vietnam, China and Indonesia with localization strategies.

“We are improving our global competitiveness by hiring the bulk of the staff as local employees who have good knowledge of the local insurance and financial market, along with better communication skills and stronger bonds with local life planners,” said a Hanwha Life Insurance spokesperson. 

Since the first launch in Vietnam in 2009, Hanwha’s unit in the nation has grown from five branches in 2009 to 79 branches now nationwide, including in Ho Chi Minh, Hanoi, Da Nang and Can Tho.

Its performance in new contract also rose from 41 billion VND ($1.8 million) to 504.2 billion VND during the period, the firm.

The regional arm now has 240 employees in sales management, finance and sales alongside 16,710 life planners. Out of the 240 employees, 237 are Vietnamese.

Hanwha’s Chinese unit set up in 2012 has also grown in size to have 2,589 life planners. It also saw its premium income rise from 15.9 billion won ($14 million) in 2013 to 43.5 billion won this year.

Hanwha’s regional office is now the largest foreign insurance firm by the number of employees in Zhejiang city, in partnership with Chinese large banks, including Industrial and Commercial Bank of China, Construction Bank of China and Agricultural Bank of China.

Hanwha’s Indonesian arm set up in 2013 has 14 branches in Jakarta, Surabaya, Medan, Semarang and Bali. Its 2,804 life planners sell variable insurance, education insurance in the nation where an interest in education and welfare is on the rise. 

By Shin Ji-hye (shinjh@heraldcorp.com)