Kyobo Life Insurance Co has been focusing on empowering its customers so they can overcome the tough problems in their lives, including issues surrounding health, money and knowledge with tailor-made and specialized strategies for its social contribution activities.
In order to make sure its strategies can do the job, the company set up partnerships with non-profit organizations to create sustainable social contribution models.
The company took voices from critics into consideration to unveil a new model for its CSR some time ago, one that is more in line with the times.
A notable example has been the Saving Dasom’s Small Breath, which is designed to help children suffering from growth problems. It was set up in 2004 thru its Beautiful Foundation. The foundation also helps the children of the poor families to save them from trauma associated with economic and emotional difficulties.
The foundation calls children suffering from slow growth “Early Growing Children,” replacing the antiquated term “Immature Children,” which has negative connotations.
Newborn babies who weigh less than 2.5 kg or babies under that threshold at 37 weeks in pregnancy had been called the Immature Children.
The foundation has been covering 70 percent of the medical expenses for those children, or around 20 million won per child. The medical expenses are paid from the funds contributed by the company’s financial planners and other staff. Some 4,000 FPs donate their part of their salary monthly, and so far the money has gone to taking care of the medical expenses for 2,392 children.
The life insurance firm’s social service activities go back to 2003 when it founded the Dasom Ie Foundation Illness Care Foundation, which was changed to the Dasom Ie Foundation in 2007. The foundation has been taking care of the sick children of low-income families since then. It pays for medical care and provides jobs to mothers who take care of their families. The foundation became the first to win the government designation as the “No. 1 social enterprise” in November of the same year.
For the past 30 years, the life insurance firm has been a leader in programs related to athletes with potential to become star sportsmen around the country.
The “Kyobo Life Cup Dream Tree Sports Competition” has been the vehicle used to identify potential star athletes and give them support so they can continue to develop their talents. Kyobo Life Insurance Co., Ltd. engages in life insurance business and related reinsurance contracts in South Korea.
The company’s insurance products comprise individual annuity, pure endowment and endowment, death, and group insurance. It is also involved in businesses such as stock brokerage; software advisory and development; non-residential property management; safety; pension; computers and office equipment leasing; asset management wealth management; investment funds management; and real estate leasing services; as well as in services; on-line life insurance businesses; retail of books, magazines, and stationeries.
The company was formerly known as Daehan Kyoyuk Insurance Co., Ltd. and changed its name to Kyobo Life Insurance Co., Ltd. in April 1995. Kyobo Life Insurance Co., Ltd. was founded in 1958 and is headquartered in Seoul, South Korea.
Kyobo Life Insurance Co., Ltd. is participating in preliminary bidding in the sale of ING Life Insurance Korea Limited. According to Kyobo Life Insurance official, the company submitted a letter of intent to Morgan Stanley, which is managing the sale.
China Life Insurance (Group) Company Limited also sent an LOI; while Anbang Insurance Group Co., Ltd did not participate.
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