Jung Ji-won, chairman of the GIAK.

Chairman Jung Ji-won took office as the 54th chairman of General Insurance Association of Korea (GIAK) on Dec. 23.

In his inaugural speech, GIAK Chairman Jung said, “Now is a significant time for GIAK to explore new growth models to brace for a paradigm shift in the wake of the acceleration of AI and big data, the representative technologies of the 4th Industrial Revolutions.”

He promised to make his utmost efforts to develop the general insurance industry through innovation. Chairman Jung’s inauguration ceremony was cancelled in compliance with social distancing guidelines. His speech was released before taking office.

GIAK will concentrate its capabilities in cooperation with the general insurance industry to raise trust by ramping up the protection of consumers, to explore new growth opportunities through innovation: Developing new products and services and reinventing the way business is carried and normalize structural abnormal practices related to non-life insurance products.

He called for his executives and staff members to stick to three keywords – challenge, communication and accompanying.

Chairman Jung stressed the significance of playing a part of a “first penguin,” which can jump into the sea for the first time, braving fears amid an era of uncertainties with everything undergoing rapid changes.

Born in 1962, Jung served as the head of Banking Supervision Division and Supervisory Policy Division at the Financial Supervisory Commission, the director of the Financial Services Bureau at Financial Services Service and the president of Korea Securities Finance Corp.

He also served as chairman of the Korea Exchange since November 2017 and his term ended on Nov. 1.

Jung is proficient at practical work and tasks and has a strong network with financial authorities and the financial sector. Jung is also known to have close ties with leaders of the ruling Democratic Party.

“Currently, many difficulties are facing the Korean non-insurance industry,” said an official of the Korean insurance industry.

“These difficulties stemmed from chronic deficits in medical reimbursement insurance and auto insurance, the enhancement of special employment workers’ labor rights and the protection of financial consumers. ”

“We expect new chairman Jung to lead smooth communications between the government and the non-life industry and help the non-life insurance industry grow.”

Meanwhile, the GIAK released a video on a traffic safety campaign in collaboration with Pengsu on its Instagram and YouTube channels on Dec. 4.

The GIAK carried out the traffic safety campaign video project in collaboration with the Educational Broadcasting System (EBS), the National Police Agency, the Ministry of Education, the Ministry of Public Administration and Security, and the Office for Government Policy Coordination.

The video is showing via news channels such as Yonhap News TV and YTN and YouTube while garnering much popularity.

General Insurance Association of Korea (GIAK) has been posting traffic safety campaign videos featuring Pengsu on GIAK’s Instagram and YouTube channel since December 4, 2020. (Photos: GIAK)

The traffic safety campaign with Pengsu’s view of the world as a penguin idol aspirant from Antarctica features Pengsu’s long journey from Antarctica to Switzerland to the EBS in Ilsan, Korea.

On the journey, Pengsu has hard days. He was astonished by drivers who speed up without abiding by the speed limit of 50 kilometers per hour in the city, motorbike riders running fast inside an apartment complex and vehicles turning right in an alley without slowing down.

In the video, Pengsu publicizes the traffic safety campaign including speed limits in cities, safe driving in apartment complexes, and cars stopping first when pedestrians are found.

“As drivers’ awareness matters most in ensuring traffic safety, we need to go the extra mile to raise people’s awareness of traffic safety and safe driving,” said an official of the GIAK.

“It is essential to slow down the speed to protect pedestrians so we will put into practice the Safety Speed 5030 policy nationwide starting in April 2021. The Safety Speed 5030 policy calls for limiting car speed to 50km per hour in urban areas and 30km per hour in residential areas.”