CEO Lee Seok-hyeon (front row, far right) and all executives and department heads recite the Consumer Protection Charter at Hyundai Marine & Fire Insurance's management strategy seminar. [Hyundai Marine & Fire Insurance]
CEO Lee Seok-hyeon (front row, far right) and all executives and department heads recite the Consumer Protection Charter at Hyundai Marine & Fire Insurance's management strategy seminar. [Hyundai Marine & Fire Insurance]

Hyundai Marine & Fire Insurance announced Wednesday that it has adopted a new Consumer Protection Charter laying out customer-centered operating principles in line with the Financial Consumer Protection Act.

The company said the charter builds on the spirit of the Customer Satisfaction Charter it first proclaimed in 1996 — the first such declaration in the non-life insurance industry — and is designed to strengthen consumer rights protection in response to a changing financial environment.

The charter places consumer rights protection and customer satisfaction at the top of its priorities, and pledges to fulfill Hyundai Marine & Fire Insurance's mission of being "a partner in consumers' healthy and safe lives."

To put the charter's values into practice, the company established five core principles: consumer-centricity, fairness and speed, respect and empathy, proactive prevention, and consumer data protection.

The charter reflects the core values of the company's new corporate value framework, "Hi-Value," and was adopted following a resolution by the internal control committee for financial consumer protection. At the second-half management strategy seminar held July 24, the CEO, all executives and department heads recited the charter together, reaffirming their commitment to consumer protection.

"We plan to continuously pursue a range of follow-up activities — including the development of work guidelines and system improvements — so that the Consumer Protection Charter takes genuine root across all employee work processes," a company official said.

Meanwhile, Hyundai Marine & Fire Insurance built a customer-centered management structure in 2005 when it became the first in the industry to appoint a chief customer officer (CCO) reporting directly to the CEO. The company has since established a systematic consumer protection framework through which customer feedback flows through the consumer protection organization and its consultative bodies, then to the CCO, and ultimately to the CEO and the internal control committee.


killpass@heraldcorp.com