Chairman & CEO Shin Chang-jae of Kyobo Life Insurance.

Kyobo Life Insurance has completed the footwork to enter Southeast Asia, a new growth market, while accelerating digital transformation in the post-COVID-19 pandemic era.

Kyobo Life Insurance Chairman Shin Chang-jae stressed the importance of a two-pronged management strategy: insurance & digital at an anniversary event in August.

It means that Kyobo Life Insurance should focus on conventional businesses to overcome rapid market changes and become a sustainable company on the one hand, while on the other, the company has to explore future growth engines.

Chairman & CEO Shin Chang-jae of Kyobo Life Insurance said, “The past’s proud history does not guarantee future survival.” He stressed the need for a two-pronged management style to survive in a rapidly changing market and maintain continued growth. He made the remarks at an online ceremony to mark the 62nd anniversary at Kyobo Life Insurance headquarters in Seoul on Aug. 7.

Starting with Myanmar, Kyobo Life Insurance is trying to tap the Southeast Asian market in earnest. Kyobo Life obtained the green light to open a representative office from Myanmar financial authorities. Kyobo Life Insurance plans to launch insurance sales activities next second half.

The Myanmar insurance market, which is in an initial stage, is forecast to maintain an explosive growth with an annual average growth rate of 40 percent.

Kyobo, seizing Myanmar as an economic and geopolitical center to conduct market survey and feasibility studies to enter the Southeast Asian market, plans to expand its coverage scope to ASEAN countries and “New Southern” countries, including India.

Kyobo is accelerating digital transformation to respond to outside and inside environment changes, caused by the COVID-19 pandemic.

A female model makes a pitch for “Non-Participating Kyobo Smart Perpetual Health+Life Insurance,” released by Kyobo Life Insurance. (Photos: Kyobo Life Insurance)

Kyobo Life Insurance Releases ‘Non-Participating Kyobo Smart Perpetual Health+Life Insurance'

Kyobo Life Insurance has introduced “Non-Participating Kyobo Smart Perpetual Health+ Life Insurance,” a product equipped with lower premiums and the industry’s highest levels of health insurance coverage.

Non-Participating Kyobo Smart Perpetual Health+Life Insurance is a G4 insurance policy. The latest product is a combination of a lifetime insurance policy, with a lower refund after cancellation, and health insurance coverage.

The Kyobo Life Insurance product’s policyholders pay lower premiums, but they are entitled to receive compensation until their death.

If policyholders suffer from general illness or are put into long-term care, they may be prepaid diagnosis compensation money, equivalent to between 80 percent and 100 percent of their death compensation money, so they can use it to pay for medical treatment, nursing and living costs.

It is noteworthy that this policy is expanding its disease insurance coverage. Its principle compensation terms guarantee the coverage of 23 kinds of illness, ranging from the top three diseases: cancer, cerebral hemorrhage, and acute cardinal infraction to serious dementia, terminal renal failure, and to terminal liver/lung diseases. Its policyholders suffering from the top three diseases can be compensated when being diagnosed as their disease codes regardless of illness levels.

Non-Participating Kyobo Smart Perpetual Health+Life Insurance has insurance premiums dramatically lower. If you adopt a version with a lower refund rate after cancellation, it will have 30 percent cancellation refund money deposited compared to a general version.

The lower cancellation refund rate version will see deposit money rise to 100 percent following the end of premium payment period.

On the other hand, the former pays premiums 10 percent to 20 percent lower than the general version.