Chairman Shin charges the head office to take bigger role to oversee such key areas as bancassurance, AM GFP, and others, direct thru a separate unit
Chairman Shin Chang-jae.
Kyobo Life Insurance has moved to reform its operation centered on financial planners. It aims at strengthening its overall marketing operation with CEO Shin Chang-jae directly getting reports from assistant managers operating at jobsites across the country.
The biggest change in the organizational reform is taking the FP channel off its usual operational line to manage and control such operational channels as Bancassurance, AM, GFP, Direct and others and set up a separate organization.
An officer had been managing all channels, which officials said was considered rather too heavy for one person, which was why the major channel has been desegregated so they would operate separately.
The move strengthened the role of the head office as it now has to give its support to jobsite channels, while other channels such as AM would be allowed to upgrade its marketing power along the lines of their special characteristics.
Also, an officer in charge of providing training to financial planners at jobsites has been promoted to take charge of strategy and planning to be replaced by the CPC Planning Team.
The CPC Planning Team will take charge of setting up strategies for such key areas as commodities, customers, and channels under the control of the Strategic Planning Officer. The team, which has been close to the jobsites, has now been made to set up strategies and plans.
The moves for organizational reform focused on financial planners can be confirmed from the changes in the name of the units in the organization; the consultant protection center has been changed to consultant inconvenience support center.
The organizational structure has now been changed to have financial planners in the center. Furthermore, the PMO will now directly report to the CEO under the change not have go through an officer in charge.
The change can be viewed as the CEO taking direct charge of what’s happening in and around the company, including what’s happening at the jobsites and directly monitoring the tasks being pushed by the company.
The CEO used to say the answers to our problems are found at the jobsites to stress the importance of the voices from the jobsites to the company’s operation and thus the need for strengthening the marketing sector.
The officials said the company usually makes its personnel and organizational changes at the start or at the end of year, but this year they came early because the company had to set up its business plans for next year from October so that they would be able to make a systematic plans and put into action early.
The organizational changes increased the number of the officials in charge of the marketing operation from three to four while other units remained the same.
The new set up: 4 officials in charge; four headquarters, four offices; 58 teams.
Kyobo Life Insurance Co., Ltd. engages in life insurance business and related reinsurance contracts in the Republic of Korea.
The company’s insurance products include individual annuity, pure endowment and endowment, death, and group insurance. It is also involved in the stock brokerage, software advisory and development, non-residential property management, safety, pension, computers and office equipment leasing, asset management, and beneficiary certificates, as well as services and online life insurance businesses.
In addition, the company engages in the retail of books, magazines, and stationery. As of December 31, 2017, it had 9 financial planner offices, 62 supporting offices, and 524 branches.
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.
A view of the Kyobo Life Building in Gwanghwamon, downtown Seoul. (Photos: Kyobo Life Insurance)