The insurance industry stands at a significant turning point. With low birth rates, an aging population, digital transformation, and the AI revolution occurring simultaneously, traditional life insurance models are being shaken. Where insurance companies once relied on product sales and agent organizations for competitiveness, the focus has now shifted to data, platforms, and the ability to manage the entire customer lifecycle.
Hong Won-hak, CEO of Samsung Life, is among the insurance leaders most actively embracing these changes. He is redefining insurance not merely as a risk protection industry but as a comprehensive life care industry that manages health, assets, retirement, and overall life.
Through AI, healthcare, senior business initiatives, and digital innovation, he aims to transform Samsung Life into a future-oriented financial platform. Hong's entrepreneurial vision in finance ultimately boils down to one question: How far can insurance truly take responsibility for people's lives?
Dreaming of an 'Life Platform' Beyond Insurance
The insurance industry has long grown in a consistent manner. Customers purchase insurance, companies underwrite risks, and payouts occur when accidents happen. However, demographic changes are altering this structure. People are living longer and seeking healthier lives, and their expectations of insurance are evolving.
Hong Won-hak has quickly recognized this shift. He believes the future of insurance lies not in death benefits but in the integration of health management, retirement planning, and asset management. Insurance companies must evolve from merely providing post-accident coverage to becoming partners that manage the entirety of a customer's life.
In recent years, Samsung Life has focused on expanding its senior and healthcare businesses. The company is preparing a new business model that combines nursing services, health management platforms, and asset management functions. This is not just a diversification of business; it is an attempt to redefine the very purpose of the insurance industry.
Hong views insurance not merely as a financial product but as a life infrastructure. He believes that the insurance company should play a role throughout the entire process of a customer's life—from birth to growth, retirement, and aging.
This perspective is reflected in Samsung Life's future strategy. As the life insurance market matures, traditional methods will no longer suffice for growth. New markets must be created, and Hong sees this opportunity in the aging society.
The future of the insurance industry is ultimately tied to the future of the senior market. South Korea is one of the fastest-aging countries in the world, and significant industrial changes are likely to emerge from the senior sector over the next decade. Hong aims to position Samsung Life at the center of this transformation.
AI as a Revolution, Not Just Cost-Cutting
Many financial companies discuss AI, but many remain focused on automation and cost reduction. Hong's view of AI is different.
He sees AI as a technology that fundamentally changes the structure of the insurance industry. Insurance is essentially a probability-based industry, predicting who is likely to get sick, what accidents may occur, and which customers might cancel their policies. Ultimately, an insurance company's competitiveness hinges on how accurately it can predict the future.
AI excels in this domain. In the past, insurers relied on average data; now, they can utilize individual data. Instead of analyzing groups, they can analyze individuals, providing tailored services based on each customer's health status, consumption patterns, and financial activities.
Hong believes AI will shift the insurance industry toward a prevention-focused model. Historically, insurance has been about providing coverage after an incident; in the future, preventing incidents will become paramount. It will be more important to help customers avoid illness than to pay out claims after they fall ill.
With the integration of wearable devices, health data, and generative AI, insurers can manage customers' health in real-time. They can encourage healthy lifestyles, predict disease occurrence, and offer personalized health management services.
The digital innovation that Hong emphasizes aligns with this vision. AI is no longer optional; it is a survival strategy for insurance companies. Insurers hold some of the most extensive customer data among financial institutions, providing them with significant potential to leverage AI.
This is why Samsung Life is investing in expanding its AI-based customer service and data analytics capabilities. The future of insurance is likely to be shaped by AI, and Hong is preparing for that change.
Rebuilding the Insurance Ecosystem with Samsung Life and Samsung Fire
Hong's strength lies in his experience across both life and non-life insurance sectors. He has served as the CEO of both Samsung Life and Samsung Fire, giving him a unique understanding of the differences and similarities between the two fields.
Life insurance is a long-term asset management industry, while non-life insurance focuses on risk management. The combination of these two areas can enable comprehensive management of a customer's entire life.
The collaboration between Samsung Life and Samsung Fire is not merely about synergy between affiliates; it is about creating a new model for the insurance industry.
For instance, auto insurance customers can be offered health insurance services, while health insurance customers can be connected to asset management services. Customer data can also be utilized in an integrated manner.
With the addition of AI, the possibilities expand even further.
By comprehensively analyzing customers' consumption, health, assets, and risk information, insurers can provide hyper-personalized services. This represents a new value that traditional insurance companies have not been able to offer.
Hong views insurance not just as a financial product sales business but as a data industry. Insurance data reflects people's lives most deeply, encompassing health, assets, consumption, and risk.
In the age of AI, the most powerful competitive edge is data. Hong aims to leverage the data held by Samsung Life to create a new insurance ecosystem.
Proven Changes in Numbers, but the Real Challenge Starts Now
Hong's strategy is still a work in progress, but results are already emerging. In the first quarter of 2026, Samsung Life recorded a consolidated net profit of 1.2036 trillion won, an increase of 89.5% compared to the same period last year. The company's retained CSM grew to 13.6 trillion won, while new contract CSM reached 848.6 billion won. Managed assets totaled 265 trillion won, with a solvency ratio (K-ICS) of 210%. The company maintains one of the highest levels of profitability and soundness in the domestic insurance industry.
The number of exclusive agents has also expanded to approximately 44,400, with a net increase of over 1,500 this year alone. This indicates that the company has not abandoned human competitiveness in the digital age.
However, the real challenges are just beginning. The insurance industry is poised to undergo significant changes over the next decade. Low birth rates could shrink the insurance market itself, while big tech companies are entering the financial sector, and AI is reshaping industry dynamics.
Hong is not just running an insurance company; he is designing the future of the insurance industry. If he succeeds, Samsung Life could evolve into a comprehensive life care platform beyond traditional insurance. If he fails, the company may struggle to break free from the limitations of conventional life insurance.
Thus, Hong's challenge is crucial. It represents an experiment to change the future of insurance.
: SWOT Analysis :
Strength
Samsung Life's overwhelming competitiveness is reflected in its status as the leading brand in the domestic life insurance industry, with managed assets of 265 trillion won, a CSM of 13.6 trillion won, and a K-ICS ratio of 210%. Hong's experience leading both Samsung Life and Samsung Fire provides him with a comprehensive perspective that encompasses both life and non-life insurance. Setting AI and senior business as future growth pillars is also a strength.
Weakness
The life insurance market itself has entered a low-growth phase. Low birth rates are reducing the base of new customers, and the reliance on investment income is seen as a limitation. Due to the nature of large organizations, the pace of digital transformation may be slower than that of startups or big tech companies.
Opportunity
Aging presents the greatest opportunity for Samsung Life. Healthcare, senior business, nursing industry, and AI-based personalized insurance are likely to be key growth drivers in the insurance industry over the next decade. The synergy with Samsung Fire also represents an important growth opportunity.
Threat
The entry of big tech into finance, intensified AI competition, stricter insurance regulations, and market contraction due to low birth rates are ongoing threats. Additionally, fluctuations in interest rates and strengthened capital regulations may also pose management burdens.
* This article has been translated by AI.
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