Kyobo Life Chmn. Shin Inducted as ‘Insurance Hall of Fame Laureate’

Kyobo Life CEO & Chairman of the Board Shin Chang-jae shakes hands with President Josh Landau of the International Insurance Society (IIS) after Chairman Shin won the Insurance Hall of Fame Laureate at the 2023 Global Insurance Forum at Hilton Singapore Orchard Hotel on Nov. 6. (Photos: Kyobo Life)

Kyobo Life CEO & Chairman of the Board Shin Chang-jae was honored with the Insurance Hall of Fame Laureate at the 2023 Global Insurance Forum, hosted by the International Insurance Society (IIS) in Singapore on Nov. 6.

The Insurance Hall of Fame Laureate, the most prestigious award of the global insurance industry, is dubbed the “Nobel Prize of Insurance.”

The Insurance Hall of Fame Laureate was established in 1957 to honor people who have contributed to the advancement of the insurance industry through innovative activities, and honorees’ achievements and management philosophy are permanently preserved there.

Kyobo Life said on Nov. 7 the awards ceremony in honor of Chairman Shin took place at Hilton Singapore Orchard Hotel on Nov. 6, and about 350 people, including global insurance and related organization CEOs, other executives, and insurance scholars, attended the event and congratulated Chairman Shin as he received the award.

Kyobo Life Chairman Shin was the second Korean inducted into the Insurance Hall of Fame Laureate on the heels of his father and founder of Kyobo Life, the late Shin Yong-ho, who was honored with the award in 1996. It is the first time a founder and his son were received the award.

Kyobo Life CEO Shin Chang-jae poses side by side with his father and Kyobo Life founder, the late Shin Yong-ho at Kyobo Life headquarters in Gwanghwamun, Seoul, in 1999.

In his acceptance speech at the ceremony, Chairman Shin said, “I left my medical professorship and I’ve been in the life insurance industry for my whole life, inheriting my father’s will, and I’m most proud to be the destiny.”

“All my life, I have fully committed myself to the life insurance industry. It has been a fulfilling journey and I am proud to walk this path. This is because life insurance is the most beautiful social system in the world where people extend their spirit of love to help those in difficult times.”

“The life insurance system is basically the story of people’s love, and the spirit of love, helping each other in difficult times, is inherent in human nature, but unfortunately in Korea, that has been distorted into a story of money in which most insurance companies, financial planners and customers have prioritized,” he said.

Chairman Shin said, “The story needs to change. Then our community can feel a sense of security and caring. I aspire to promote the notion that life insurance operates as a social welfare and financial system, driven by love. I believe this is my mission, this is our mission.”

“Dr. Chang-jae Shin embodies the spirit of the Insurance Hall of Fame through his change management, visionary leadership and people-first approach,” said Josh Landau, president of the IIS.

James Vickers, chair of the IIS Honors program, also praised Shin's lifetime of achievements in advancing the insurance industry: “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.”

Among the latest laureates are Larry D. Zimpleman of Principal Financial, A. Greig Woodring of RGA, Michael A. Butt of Axis Capital and Shuzo Sumi of Tokio Marine.