On Jan. 2, Shin Chang-jae, CEO of Kyobo Life Insurance, suggested the implementation of full customer coverage and financial consumer protection are key management priorities for 2026.
“Full insurance coverage, full maintenance and protecting financial consumers through fair payment of insurance money are the active practice of life insurance spirit,” Shin said in his New Year’s message.
“To ensure full customer coverage, we must take the lead in protecting financial consumers.”
“We must break away from unhealthy sales practices that harm customers such as incomplete sales and policy replacements,” Shin emphasized.
“We must establish a system to prevent financial consumer complaints and respond promptly when they arise.”
“We must effectively create and deliver the value of customer protection throughout the entire insurance period from insurance subscription to contract maintenance and claim payment,” Shin added.
“The most important value an insurance company can provide to customers is to protect them from adversities and troubles in the future.”
Shin also expressed concerns about the outlook for the Korean insurance industry this year, predicting a decline in premium growth and a significant slowdown in growth and profitability.
“Some companies and insurance agencies (GAs) are engaging in reckless competition to secure insurance planners, causing disturbances in the market,” Shin pointed out.
“We must expand our pool of excellent financial planners (FPs) who can effectively implement the value of customer protection and achieve growth in our face-to-face channels.”
Shin emphasized the need to expedite the establishment of a foundation for artificial intelligence transformation (AX).
“To fully respond to the recent AX trend, we have expanded and reorganized our AI division,” Shin continued. “Kyobo Life will utilize AI technology across the insurance business value chain to improve customer experiences, prune costs, and boost operational efficiency.”
AX goes beyond simply introducing technology to fundamentally transform an organization’s work culture, according to Shin.
“We will also improve systems and programs to ensure that an innovative culture mixing well the AX era takes root as part of our corporate culture,” he said.
Real-Time Remote Sign Language Interpreting for Customers
Kyobo Life Insurance is significantly strengthening its customized services for financially marginalized people to protect financial consumers and promote inclusive financial practices.
By providing tangible benefits throughout the entire process from product development to bridging the digital divide, the company aims to create a financial environment where no one is left behind.
This year, Kyobo Life Insurance is focusing on strengthening its social responsibilities by highlighting complete customer coverage and financial consumer protection as key management priorities.
CEO Shin emphasized at the beginning of the year that the life insurance spirit is embodied through full insurance coverage and full maintenance, and consumer protection through payment of fair insurance money and encouraged changes in the field.
Innovations in services for hearing-impaired customers are particularly noteworthy.
Kyobo Life Insurance is collaborating with the National Information Society Agency’s Sign Language Center to provide a real-time communication service.
Sign language interpreters convert customers’ videos or texts into voice and send them to Kyobo Life Insurance counselors.
In 2024, the Avatar Sign Language Service began at five digital customer service centers nationwide to support video consultations.
Kyobo Life Insurance will gradually expand this service.
Institutional improvements have also been made for the elderly and people with disabilities.
To facilitate understanding among elderly customers, insurance contract information is printed in large font, and key information is clearly communicated through the Priority Information Confirmation Form, a summary document.
Furthermore, Kyobo Life Insurance operates a designated proxy claim system for those with dementia or severe illness who are unable to file claims directly.
A designated proxy notification service is also in place, providing information to both the borrower and his or her designated person when applying for a loan.
Kyobo Life Insurance is also proactive in providing products specifically tailored to financially underserved communities and social classes.
These include Kyobo Gomduri Insurance for people with disabilities and Kyobo Youth Savings Insurance which helps young people build assets for their financial independence.
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