Kyobo Life Insurance Co. has been working hard to develop new insurance products and to mix Fintech in its operation as the company committed to reforms earlier this year.

In his new year’s speech, Chairman Shin Chang-jae called for reform to fight tough problems facing the company, saying that all the life insurance firms have problems, but the firms that conduct reforms first will survive the tough times ahead.

The chairman said Kyobo Life, like other financial firms, should reform its services and marketing strategy to ensure survival, meaning that its financial products and the means to sell them should be reformed to continue to provide the guarantees for the value of its insurance products for customers.

The life insurance firm introduced the DIY (do it yourself) products recently, which give customers a choice based on their need for insurance policy guarantees. The insurance products are designed to cover various illnesses, plus death, and customers can select products that can cover the guarantees they want from insurance products. 

The DIY life insurance products have been divided into three categories based on customers’ age, guarantees they want, tailoring them to customers’ financial conditions. They have four policies covering death and seven general guarantees so that customers can choose based on factors including their financial condition and the insurance guarantees they want. Kyobo Life has also been busy developing the products based on digitalization. The company set up a special team to deal with Fintech to find new growth engines by mixing Fintech in their life insurance products and in its operation. The life insurance firm will also try to strengthen services for its existing customers.

From 2011, the life insurance firm has been sending its consultants to customers to explain the coverage contents of their life insurance policies and see if they can find any other diseases or areas to be covered.

Kyobo Life was founded in 1958 based on the philosophy of "promotion of education and the formation of national capital." For half a century, the company says it has been fully committed to honest and sincere management in pursuit of mutual prosperity, with all stakeholders including customers, financial planners, employees, investors, local communities and government.

Since its establishment, Kyobo Life has worked tirelessly to put its core values of customer-centricity, honesty and sincerity, challenge and creativity into action, according to the company. Furthermore, Kyobo Life's transparent and sustainable management practices have built a trust-based relationship between the company and its customers. Kyobo Life has continuously pursued customer-driven management over the decade and it became the top quality service provider in the insurance industry.

“As a result, we won the Customer Satisfaction Management Award for five consecutive years from 2000 to 2004, becoming the first financial institution to be inducted to the 'Hall of Fame'. In addition, we became Korea's first and only life insurer to be honored as Asia's best insurer by winning the 'Life Insurance Company of the Year' award in the 2009 Asia Insurance Industry Awards.” 

“We also became Korea’s first life insurer to receive an A2 insurance financial strength rating from Moody’s in 2008 and has maintained the same A2 rating since then and throughout the recent global financial crisis.”

An ad for Kyobo Life’s new product guaranteeing  the policy holder’s life-style. (Photos: Kyobo Life)