Kyobo Life Insurance Chmn. Shin Chang-jae.

Kyobo Life Insurance President Yoon Yeol-hyun.

Kyobo Life Insurance President Pyun Jung-beom. (Photos: Kyobo Life Insurance)

Kyobo Life Insurance promoted Vice President Pyun Jung-beom to president, setting up a management system led by three leaders.

Pyun has accumulated experience in insurance sales and strategic planning, including serving as vice president in charge of sales channels since 2018.

Co-CEO and President Pyun will be tasked with finding future growth engines through digital innovation along with the insurance business.

With the scheduled implementation of MyData in August, Pyun is expected to tackle the development of customized services such as differentiated financial services and asset and health management as his key tasks.

As the launch of the three-leader system, co-CEO and Chairman Shin will be in charge of strategic planning to draw up Kyobo Life Insurance's mid- to long-term corporate strategies.

Shin has two main goals: to continue to make profits from the life insurance business through digital transformation and to lay the foundation for future businesses by securing new growth engines. This means that if Shin maps out a plan, Pyun fleshes it out.

Co-CEO and Chairman Shin is also planning to push forward with Digital Transformation Based Strategy (DBS), a corporate strategy based on the premise that digital transformation will arrive at Kyobo Life Insurance. DBS focuses on improving the insurance business while securing new growth engines in the future.

The life insurer also built a cooperation system in all directions for this purpose. In January, it signed a memorandum of understanding (MOU) with Seoul National University’s management institute, with Kyobo Securities, Kyobo Bookstore and Kyobo Lifeplanet Insurance.

The signing of the MOU is aimed at strengthening its partnership to develop MyData-based financial services.

Co-CEO and President Yoon, who established a two-head system with Co-CEO and Chairman Shin in March 2019, will be in charge of asset management and management support. Until now, Co-CEO and President Yoon has been working hard to establish a system for protecting financial consumers along with customer-centered management. In addition, Co-CEO and President Yoon has started to boost employee morale by providing special support to those in the field.

Kyobo Life Insurance announced on March 22 that it has released two collective insurance policies for a group of four or fewer people designated as innovative financial services by the Financial Services Commission (FSC).

The “(Non-Participatory) Kyobo High-Class Enterprise Insurance” and “(Non-Participatory) Kyobo Collective Insurance” are the results of the commercialization of services approved by the Financial Services Commission as innovative financial services at the end of December last year.

Innovative financial services are services that are differentiated from other financial services in terms of contents, methods, and forms. Kyobo Life Insurance has obtained qualifications for the two insurance policies as they passed strict criteria such as service innovation and whether to increase consumer benefits.

The nub of the change is to sell collective insurance to small businesses with two to four employees and the collective insurance covers employees’ death, injuries and diseases with a maturity period of five years or less.

Previously, the number of subscribers to collective insurance was more than five in accordance with the Insurance Business Act Supervision Regulations.

Kyobo High-Class Corporate Insurance covers a wide range of disasters and industrial accidents and offers many premium choices depending on a company's financial situation.

The insurance policy pays for disability triggered by disasters, deaths caused by industrial accidents, employees’ hospitalization and surgery, fracture treatment.

Its special agreement covers diseases such as traffic, industrial accidents, cast treatments, cancers, cerebral hemorrhage, and acute myocardial infarction.

If a company urgently needs emergency operating funds, it can prepare necessary funds through a withdrawal of premium reserves.

The advantage is that if the company’s financial conditions worsen, the company can maintain insurance coverage for employees by fully paying premiums for the remainder of the period with the surrender value of the insurance contract.

Kyobo Collective Insurance pays for cases similar to those covered by Kyobo High-Class Corporate Insurance.