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A Qualitative Study on Solidarity Characteristics of Life Insurance Industry

Kim, Hunsoo 1 Jaehyun Kim 2 Giduk Kim 1

1순천향대학교
2상명대학교

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ABSTRACT

Most literature on the Korean life insurance industry have focused on economic and management concepts such as competitiveness, performance, and efficiency. This study; however, qualitatively investigates the characteristics of the Korean life insurance industry based on the social solidarity concept. In the beginning, the Korean life insurance industry had grown oligopolistically but it has developed very competitively after the market opening in late 1980s. This paper examines the solidarity characteristics of the life insurance industry in Korea by a content analysis with a hypothesis that it must be changed over the decades. The research result shows that the life insurance industry in 1970s could be viewed as ‘bureaucratic solidarity’ strongly, which is evidenced based on Kang(2006)’s solidarity classification standard. It demonstrated the characteristics of ‘strategic solidarity’ right after the life insurance market opening in 1986. However, it also pursued ‘moral solidarity while respecting consumers’ autonomy since 1990s when the influence of consumers became stronger.

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* References for papers published after 2022 are currently being built.