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HYUNDAI
MANAGEMENT PHILOSOPHY
Based on our highest value of customer satisfaction, Hyundai Insurance's management philosophy is to become a business that faithfully fulfills its economic, social and environmental responsibilities to stakeholders.Hence, under such as philosophy, Hyundai Insurance is promoting balanced development in economic, social and environmental areas through corporate activities and value creation.

Hyundai Marine & Fire Insurance Company leads the financial services industry with creative mind and strong leadership. We place our customers at the center in all business transactions, and create happiness for our families and prosperity for the company to contribute to the healthy economy in the country and the world.
Sustainability Management System

Hyundai Insurance's sustainability management system focuses on the practical implementation of the company's long-term vision and core values.

  • First, we think of "doing the right thing."

    Since the insurance business provides assurance against possible risks in the future, the company's long-term risk management is more important than immediate profitability. Also, ethics and integrity are the foundation of our business operations.

  • Second, we focus on efficiency.

    A company cannot maintain growth without consistent efforts at innovation and improvement.
    Efficiency is the tool to achieve effective innovation, and ultimately to secure maximum value creation for shareholders.

  • Third, we put customers first.

    Customers are the most influential stakeholder for a company. Sustainability only can be achieved when customers are satisfied, and the company continues to produce new products and services that accommodate customers' ever-changing needs.

  • Fourth, we support our local community and environment.

    A company is like a tree that grows on the land of the local community, with its roots deep in the soil to absorb all kinds of essential nutrients. In order to sustain itself, the company must recognize the local community as an important stakeholder and do its best to support the community's growth and development. Such efforts include activities for environmental protection.

  • Fifth, we believe in our people.

    Human resources development is very important for a company's creative business operation. Our management principles are based on the best practices of talent recruitment and management

Ethical Management Policy and Strategy

Hyundai Insurance has put in place a company philosophy that ensures customer satisfaction and has established a foundation for sustainable management by instilling belief and trust in customers through transparent management and the fair handling of work. With the start of the compliance officer system, Hyundai Insurance has systemized its internal ethical management by introducing and implementing various programs and systems, including the internal, external announcement of ethical management practices, the establishment of a code of ethics, the introduction of an internal control self-regulation evaluation system and the implementation of an individual credit information management protection system.

As such, Hyundai Insurance has realized the genuine meaning of ethical management that entails fulfilling its responsibilities and obligations to all stakeholders, including customers, employees, shareholders, partner companies, the nation and society. Furthermore, in regards to political lobbying and sponsorship, we have included a clause to prevent any political involvement in our code of ethics in order to ensure political neutrality. According to the code of ethics, Hyundai Insurance respects an individual's political rights, with an individual able to express his or her political opinion.

However, the code of ethics prohibits any employee supporting or opposing a specific party, organization or candidate in the company name or in a way that can be misunderstood as involving the company name that would impair the political neutrality of the company. Hyundai Insurance is also implementing “Hi-Compliance Day,” a company-wide education and self-check system regarding ethics, compliance, corruption and incident prevention, etc., as well as implementing a new permanent Compliance Department CMS system (Compliance Management System) for the more efficient company-wide management of ethics and compliance.

Ethical Management Organization

The Compliance Department oversees the overall ethical management of Hyundai Insurance.

The Compliance Officer, according to Article 17 of the Insurance Business Act, is in overall charge of all ethical management operations. In each department, 1 employee working under the head of the department is appointed as being in charge of compliance and takes charge of self-regulated internal controls.

As of the end of March 2011, 135 compliance managers were in charge of internal control and ethical management activities.

Fair Trade Self-Compliance

To efficiently operate a fair trade self-compliance system, the Board of Directors appointed a Compliance Officer as a self compliance officer.

In addition, Hyundai Insurance established regulations (and a manual) to regulate and operate general fair trade self-compliance. We continuously offer education (or operation of company-wide sharing channel regarding internally and externally collected related information) to employees for over two hours every six months who are in areas that carry a high risk of misconduct, such as sales, etc. In the meantime, it is specified in related company regulations, such as the regulations on the Fair Trade Act and personnel regulations, etc., that an employee who violates the Fair Trade Act can be subject to corresponding sanctions or penalties.

The company had no cases of fair trade law violation in 2010 and 2011, and as a preventive measure against any possible future incidences, Hyundai Insurance held discussions with a supervisory organization and related industries, provided education for related departments, and newly established a monitoring system.