Chairman Shin Chang-jae of Kyobo Life Insurance Co. announced the new 2020 Vision for the insurance firm. The plan calls for the company to be the best life insurance firm in Korea in the next five years.
Chairman Shin took over from his late father, who founded Kyobo Life Insurance Co. in 1996. The new vision is the third, following ones he announced in 2001 and 2011.
The chairman said that reform in the life insurance products and channels is a fight with the past, not with competitors, and to be No.1 in Korea requires as many reforms as possible.
The chairman announced the new vision at the insurance firm’s Kyobo Life Training Institute in front of some 1,000 of the company’s officers and staff, taking around 50 minutes to explain the details of the new vision.
He used various video clips to explain the key points of the new vision to make the session more interesting. Shin projected that this year would see fast changes in the operational environment, with tight regulations on the development of life insurance products and prices to be eased almost completely, so that the survival of a life insurance firm would depend on how fast and effective their reforms would be made to cope with the changing operational environment.
He also warned that they cannot depend on only the product development unit for better life insurance products, but all officers and staff should rack their brains to come forward with ideas to develop better life insurance products.
At the end of his speech, he quoted an old Chinese saying: “Only those who will do their best with the most sincere attitude can change the world.”
Chairman Shin has always taken such wise words the visions very seriously as a business owner.
Shin started holding sessions to explain the visions from 2001, which was a very hard year for Kyobo Life, as it lost around 2.4 trillion won that year due to the foreign exchange crisis, putting the company’s survival at risk.
The chairman came out with a new vision then, which put customers as the top priority for the company.
The chairman followed that up with a new vision in 2011, saying Kyobo Life is the best company when it comes to the protection of its customers by offering better customer service across its operations, from life insurance subscription, maintenance, to making payments, so that its customers would have dependable services from Kyobo Life throughout their entire lives.
Over the past five years, insurance policy planners at Kyobo Life have called on 1.5 million of their customers, and in the process, notified them of an insurance payment that they forgot to claim from Kyobo Life in the amount of 33 billion won. That was a big step in helping the company build relationships with its policy holders, leading to improved operation by boosting the number of the customers who hold the insurance policies for over two years to over 70 percent, up more than 10 percent from five years ago.
As result, Moody’s boosted its credit rating to “A1” the same rate given to such global companies as Goldman Sachs, the Bank of America and Morgan Stanley.
_교보 2020.jpg)
