South Korea is a tough market for foreign insurers, and success in the country is a sure sign that the same can be achieved in other countries, according to AXA Korea CEO Gilles Fromageot.

He said in a recent interview with The Korea Times that in a market that is nearly saturated, consumers with high standards are sophisticated, exacting and demanding.

"Getting recognised in the Korean market is not easy, but at the same time, it could be a guarantee of success elsewhere," he said.

AXA Korea under Mr Fromageot's leadership is transforming itself from a direct motor insurer to a diversified, multiline insurer and a health plans provider.

"We are now providing solutions in a wide range of lines of business including health product line-up and long-term home-fire products. This diversification strategy will allow us to secure profits, and the size of our business and our market capitalisation will naturally grow following improved brand recognition," said Mr Fromageot who has been AXA Korea CEO since April 2017.

The insurer is preparing a platform that will help customers lead health-conscious lives by providing guidelines on everyday food choices and workout routines.

The platform, he believes, will become one of the firm's key assets as it will enable closer customer relationship building, a step towards becoming a lifetime partner rather than a mere payer of insurance claims.

Mr Fromageot added, "We are a tech-led company, and digital is part of our DNA.

"We are keen on staying up to date with machine learning and artificial intelligence (AI), to steadily improve our online subscription process. For example, automating our claims assessments and improving customer service using chatbots. We are also establishing a system that provides customers with an analysis and diagnostic of their current covers to ensure they are getting the protection they need, using big data and AI."