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| Meritz Fire & Marine Insurance Vice Chairman Kim Yong-beom / Courtesy of Meritz Fire & Marine Insurance |
Since taking the helm of Meritz Fire & Marine Insurance in 2015, Vice Chairman Kim Yong-beom has been focusing on revamping the corporate structure and empowering each employee with a greater sense of responsibility over the business.
Under Kim's innovative corporate structure, each employee can easily check their contributions to the company's business achievements in real-time. This allowed company staff to receive appropriate compensation for their share of work from the company. This has increased the level of employee motivation and a sense of ownership in the corporate business.
The insurance company's sales organization has also been streamlined, which attributed to a reduction of costs, an increase in product competitiveness and a boost in the sales staffs' commissions.
Based on these structural innovations, Meritz Fire & Marine Insurance posted an operational profit of 910.8 billion won ($631 million) in 2021, which is a 49.2 percent year-on-year increase. The insurer's net profit of 663.1 billion won in 2021 is a 53 percent on-year increase from the previous year.
The company's return on equity (ROE), a representative figure that gauges a firm's profitability, stands at 26.2 percent, which is one of the top levels among competitors in the country. The firm's ROE has firmly maintained double-digit numbers for seven consecutive years.
"The key in Meritz Fire's emergence as a game changer in the industry has been the innovation that deviated the company from the market's conventional ideas," vice chairman Kim said, stressing the firm's innovative approaches in every corporate decision will be maintained for the coming years.
His next goal is to become the top player in annual net profit and market cap as well as revenue by 2025, which will be the 10th anniversary of his taking office as the CEO of the insurer.
"The company needs to strive to be the top player of the industry, rather than being complacent at staying as the second or third company of the sector, by continuously setting new challenges and innovations to achieve," Kim said.
