Even in a difficult market environment, Kyobo Life must make a breakthrough in business innovation centered on customer value, said Shin Chang-jae, chairman of Kyobo Life Insurance in the company’s 2025 Business Year Kick-Off Meeting.
Chairman Shin cited three major problems facing the insurance industry: low growth, weakened profitability and deteriorating overall soundness.
“As of the end of last year, Korea became an ultra-elderly society, with the number of people aged 65 or over exceeding 20% of the total population,” Shin said.
“A decline in the working-age population, slowing economic growth, and interest rate cuts to stimulate domestic demand expected to cut down on insurance new contract sales and asset management profits this year, negatively impacting insurers’ financial soundness.”
In such a business environment, Shin emphasized the need for business innovation to strengthen the competitiveness of life insurance.
Insurers need to provide balanced coverage to customers, focusing on family and health coverage, and realize differentiated customer value, Shin said.
To this end, Shin suggested strengthening marketing to reflect customer needs and developing market-leading products and services as key tasks.
The importance of the financial consumer protection system was also mentioned.
“We must actively reflect the opinions of consumers at all stages of the insurance business and provide them with real value,” said Shin, emphasizing that Kyobo Life will secure consumer trust and achieve sustainable growth.
Corporate Management Strategy Meeting for 2025
“We must find the hidden needs and pain points of our customers, develop differentiated products and services, and effectively provide them to our customers,” said Shin at the Corporate Management Strategy Meeting, held at the Kyobo Life Human Resources Development Center in Cheonan, South Chungcheong Province, on Jan. 10.
The meeting was attended by more than 800 employees including sales managers, headquarters executives and team leaders.
It was streamed live to all employees nationwide via internal broadcast.
After the management strategy meeting, Chairman Shin had a luncheon with outstanding branch managers at Gyesungwon to encourage their sales performances and listen to their voices.
Chairman Shin thanked the branch managers for achieving business goals through fair play-based sales activities despite fierce competition and asked them to become evangelists of customer value innovation on the front lines of sales.
Accordingly, this year, Kyobo Life will strive to provide balanced coverage to customers and deliver differentiated customer experiences, focusing on family coverage and health coverage.
It also plans to strengthen marketing based on customer needs and expand customer value by providing market-leading products and services.
Prepaying 22.8 Billion Won in Tuition Fees to 4,850 Education Insurance Customers
Kyobo Life Insurance announced on Dec. 31, 2024 that it will prepay 22.8 billion won in tuition fees for the 2025 academic year to 4,850 education insurance customers starting in January 2025.
This amounts to 4.7 million won per person.
The tuition fee prepayment system is a system that pays the tuition fees for the next year in advance to ease burdens on customers ahead of the entrance exam season when money is needed.
Its target is a contract to receive tuition fees (mid-term and maturity benefits) between March next year and February the following year.
Education insurance is a product that allows insurance holders to receive tuition money in time for their children’s enrollment in high schools or colleges.
“In order to ease the financial burden that customers may experience due to the difference between the timing of educational expenses such as entrance fees and the timing of receiving tuition funds, we decided to pay tuition fees for the 2025 school year in advance,” a Kyobo Life official said.
“Customers who want to receive tuition fees in advance can apply for them using the Internet, mobile phones, the Kyobo Life Call Center, ARS services among others without having to visit a Kyobo Life customer service center in person.”
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