BNP Paribas Cardif Life Insurance, the Korean subsidiary of BNP Paribas Cardif, the insurance arm of BNP Paribas, plans to diversify its sales channels and products here.

It now plans to search for a mutually beneficial model that can benefit customers, partners and the company in terms of diversification rather than focusing merely on channel expansion, said officials at the press conference held last week in commemoration of the firm’s 10th anniversary in Korea.

“Over the past decade, BNP Paribas Cardif Life Insurance has contributed to provide reliable insurance products to customers, and secured continued growth after reaching the break-even point just three years after establishing business in Korea,” said Jean-Christophe Darbes, Chief Executive Officer of BNP Paribas Cardif Life Insurance. 

“We will put forth our best efforts to extend our continued growth for another decade by diversifying sales channels and product portfolios to strengthen our position in the market,” he said.

Established as a joint venture between France-based BNP Paribas Cardif and South Korea’s Shinhan Bank in 2002, the insurance firm has been gaining ground here based on bancassurance-specialized products.

The Korean insurance market still has plenty of growth potential, said Jean-Bertrand Laroche, Chief Operating Officer and Head of Partnerships Channel of BNP Paribas Cardif, who also attended the press conference.

“The next blockbuster in this market will be sophisticated saving products, long-term saving and long-term protection solutions,” said Laroche.

By Park Min-young  (claire@heraldcorp.com)