NH NongHyup Life recognised for financial innovation in Republic of Korea Finance Awards

Thursday, 11 January 2018

In December last year the 2017 Korea Finance Awards 12th Awards Ceremony was held and Ki-Bong Seo (pictured), President and CEO of ICMIF member NH NongHyup Life, Republic of Korea and his organisation were recognised for leading new trends in the finance sector.

The 2017 Korea Finance Grand Prix Judging Committee selected six leading financial companies to lead this year's new trends in the financial industry as well as leading innovation in internationalisation and customer service.

Mr Seo, who led the globalisation of NongHyup Life, was honoured with the top award in the life insurance business category. In 2017, Seo launched NongHyup Life’s new mobile platform “All-one Bank” that offers various kinds of life financial services such as remittance, billing, travel insurance, and loans etc. all-in-one-application. NongHyup Life is the first Korean insurance companies to provide mobile platform-based policy loan.

The award ceremony was held at the Grand Ballroom of the Westin Chosun Hotel in Seoul on 12 December 2017. The event was hosted by the Maeil Business Newspaper and MBN and sponsored by the Financial Services Commission, the Financial Supervisory Service, the National Bank Association, the Life Insurance Association, the Insurance Association of Korea and the Credit Finance Association.

Ki-Bong Seo is a member of ICMIF’s Board of Directors and since joining the NongHyup Financial Group in 1986, Mr Seo has devoted his life to implementing the cooperative spirit. This work has taken place over more than 30 years. He has emphasised communication with members through work experiences in various parts of NongHyup Financial Group. After taking over as CEO of NongHyup Life in January 2017, he developed specialised products for farmers and is working to differentiate NongHyup Life as a cooperative insurer. He is especially interested in the impact of 4th industry revolution and Fin-tech developments in the finance and insurance industry.

NongHyup Life is the biggest cooperative-based insurance company in Korea. In the most recent edition of ICMIF’s report ICMIF Members: Key Statistics NongHyup Life was ranked eighth in the list of largest ICMIF member organisations in developed countries and 4th largest ICMIF member in the life insurance sector.