Kyobo Insurance Co. CEO and Chairman of the Board Shin Chang-jae was inducted into the Insurance Hall of Fame Laureate, following his father’s footsteps, the late Kyobo founder Shin Yong-ho’s.
The International Insurance Society named Kyobo Insurance CEO Shin as one of the 2023 inductees to the Insurance Hall of Fame Laureate, Kyobo said on March 22.
It was the first time in the history of the global industry that both a father and a son were inducted in the Insurance Hall of Fame Laureate.
The Insurance Hall of Fame Laureate, dubbed “The Nobel Prize of Insurance,” is the most prestigious award in the insurance industry.
The award was established in 1957 to commemorate those who greatly contribute to the development of the insurance industry.
IIS President Joshua Landau said, “Kyobo CEO Shin Chang-jae embodies the spirit of the Insurance Hall of Fame through change and innovation, insight leadership and human being-oriented management.”
“Dr. Shin’s commitment to leading with love, affection, and respect for all human life based on stakeholder relationship management has established Kyobo as one of Korea’s most successful insurers and a pioneer in ESG and sustainability initiatives,” James Vickers, chair of the IIS Honors program said.
A ceremony to honor the 2023 inductees of the Insurance Hall of Fame will be held at the 2023 Global Insurance Forum, the IIS Annual Meeting, at the Hilton Singapore Orchard, to be held in November.
Chairman Shin’s award followed in his father’s footsteps for the first time in the 66-year history of the Insurance Hall of Fame.
The late senior Shin, Kyobo founder, was recognized for inaugurating the world’s first education insurance product and leading the development of the Korean life insurance industry and the national economy, as well as embodying the promotion of national education by establishing Kyobo Book Center.
He received the World Insurance Grand Prize in 1983 and the Insurance Hall of Fame Laureate in 1996 from IIS.
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Chairman Shin is evaluated to be a manger prioritizing human-oriented management. His management tenets trace back to conviction on public education and “humanitarian” corporate culture inherited from his late father.
Shin’s human-oriented management system is based on respect and value for human life he, an ob/gyn professor of Seoul National University Hospital, experienced while studying a research on a test-tube baby.
Chairman Shin has spearheaded humanitarian stakeholders’ management respecting all stakeholders as human beings, not means, based on his sustainable management tenets of pursuing co-prosperity of all stakeholders.
IIS said, “CEO Shin practices humanitarian stakeholders’ management based on love and respect for all people as a doctor-turned businessman.”
Chairman Shin delivers a keynote speech at the 2018 MSME forum at the UN headquarters at the invitation of the International Council for Small Business in May 2018.
Chairman Shin delivered a keynote speech at the 2018 MSME forum at the UN headquarters at the invitation of the International Council for Small Business (ICSB).
Comparing corporate business to oxygen at that time, Shin said, “As human beings cannot live without oxygen, but live for oxygen, for companies, profit is a fuel for existence, but profit itself cannot be the purpose of management.
“Corporate management is a process of delivering values to all stakeholders in a balanced manner, if each company delivers enough values to all stakeholders, it is followed by profit naturally,” he added.
In 2010, Kyobo Life Insurance became the first Korean insurance company to enter the UN Global Impact (UNG), a global convention on corporate social responsibilities.
The insurer has facilitated communications with stakeholders by issuing a sustainable management report since 2011.
The company declared its determination on stakeholders’ management by revising articles of association to the effect that a company pursuing long-term co-prosperity among stakeholders.
As for winning the award, Chairman Shin said, “I’ so glad to receive the most honorable prize in the insurance field following in my father’s footsteps, and I extend wholehearted thanks to Kyobo Life Insurance executives, staffers and financial consultants.”
He also said with the inducting of the Insurance Hall of Fame Laureate, Kyobo Life Insurance will be committed to practicing human being-oriented stakeholders’ management.
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