Chairman Shin Chang-jae has been bringing significant innovation to the management of Kyobo Life Insurance since taking office in 2000. Shin put an end to excessive size-oriented competition with other life insurers.
Then he adopted customer-centered and profit-oriented management where he focuses on the qualitative growth of his company.
First, Chairman Shin said goodbye to “wrong” sales practices and refined its sales organization. Under Shin’s leadership, Kyobo Life Insurance shifted its marketing strategy to mid- to long-term guarantee insurance and focused on boosting management efficiency and productivity.
First of all, Kyobo Life Insurance executed its reorganization, focusing on digital transformation, setting up the Offices of the Digital Strategy Manager and the Digital New Business Manager and the IT Support Office.
In addition, the DT Promotion Team, the Open Innovation Team, the Platform Development Team and the financial MyData part were established to build a new digital-based business model.
The life insurer also launched the Big Data Support Team and AI Utilization Team to promote innovation-powered digital business processes.
Kyobo Life Insurance is also spurring a paradigm shift to a new digital environment by introducing public cloud services by Amazon, the world’s largest IT powerhouse.
Its big data systems and important workloads have been transferred to Amazon Web Services to enable extensive big data analysis and free infrastructure expansion, regardless of time and space.
Kyobo Life Insurance expects to lay the foundation for digital transformation, such as data integration and common infrastructure construction throughout the group through the introduction of a public cloud computing service.
It plans to transfer key workloads such as “Baro,” an AI-based insurance subscription and payment review service, to the Amazon cloud computing system and add a new real-time question-and-answer function based on AWS’ AI service.
Preparations for new financial services are also in full swing at Kyobo Life Insurance. Kyobo Life Insurance obtained the main license for the financial MyData business from the Korean Financial Services Commission for the first time in the insurance industry in July 2021.
It is expected to provide financial MyData services to customers for the first time among insurance companies in 2022.
Ahead of the full-fledged introduction of MyData services, Kyobo Life Insurance is preparing a “customer-friendly service” that will provide customers with different service experiences.
First of all, it will provide humanities elements to systematic financial education services based on customers’ financial understandings.
Kyobo Life Insurance is also planning a life design-based asset management service so that any customer can maintain lifestyles they want while attaining their lifetime goals.
The life insurer is looking to realize higher customer value by providing quality services for customers’ long life journeys.
Kyobo Life Insurance is also taking the lead in enhancing customer convenience by utilizing digital technology.
Following the world’s first natural language processing and machine learning-based AI underwriting system “Baro,” the company built an AI-based system from subscription reviews to payment of insurance money.
The life insurer joined hands with Kakao Enterprise to open an AI chatbot called “Lovers 2.0” and operates “Kare,” an integrated customer service app that allows users to use InsureTech services such as healthcare services and simple insurance claims.
Kyobo Life Insurance plans to concentrate its capabilities on expanding customer security, the original value of life insurance, by strengthening its competitiveness in products and channels.
Accordingly, it plans to sharpen the competitiveness of family life insurance policies such as life insurance and CI insurance policies and introduce differentiated and specialized products that can fulfill various customer needs for their health and medical services and the treatment of long-term diseases.
Kyobo Life Insurance is stepping up its efforts to strengthen channel competitiveness by operating a systematic training program for new financial planners (FPs) and improving FPs’ consulting capabilities.
In terms of asset management, the strategy is to strengthen the competitive advantage of asset management and strive for risk management.
To improve asset management profits, it will expand investment in high-interest assets, continuously discover overseas assets and alternative investment assets to diversify its revenue sources, while focusing on securing additional profits through active market responses.
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