Shin Chang-jae, Chairman of Kyobo, "Let's Move Beyond Survival to Digital Kyobo"

Shin Chang-jae, Chairman of Kyobo Life Insurance, said on the 10th at Gyesongwon (Kyobo Life Insurance Training Center) in Cheonan, Chungnam, during the '2020 Company-wide Management Strategy Meeting at the Start of the Year' that digital innovation should be accelerated to create new customer value.

[Asia Economy Reporter Oh Hyung-gil] "If we do not change now, we cannot survive. Ultimately, the companies that survive are those that adapt best to change. From this perspective, 'digital transformation' is not a choice but a necessity."

Shin Chang-jae, Chairman of Kyobo Life Insurance, diagnosed the crisis facing the insurance industry, including increased global economic uncertainty, prolonged low interest rates, and the entry of new competitors such as Kakao and Toss, at the '2020 Company-wide Management Strategy Meeting' held on the 10th at Gyesongwon (Kyobo Life Training Center) in Cheonan, Chungnam. He said, "Now is the time to worry about survival itself rather than vaguely discussing growth."

Chairman Shin added, "We must accelerate digital innovation to produce tangible results," and announced, "This year's management policy is set as 'Beyond Survival, Let's Go to Digital Kyobo.'"

He cited 'MAGA (Microsoft, Amazon, Google, Apple)' as an example, explaining that scholars regard these companies as those that actively utilize digital technology as a means to create customer value, and emphasized, "The foundation of business is focusing on the customer."

He continued, "We must create new value based on customer needs and deliver new value to customers to achieve customer satisfaction in a virtuous cycle," and stressed, "By quickly providing excellent products and services, we must instill in customers the perception that we are a company that offers greater satisfaction than others."

Chairman Shin also stated, "Digital transformation fundamentally changes organizations, processes, business models, corporate culture, and communication based on digital technology," urging digital innovation.

Kyobo Life Insurance has established a strategy to build a 'user-centered platform' accessible to customers anytime and anywhere. Through open innovation, it plans to strengthen collaboration with startups, discover new business models, and apply new digital technologies to streamline work processes with a customer-centric approach.

Chairman Shin said, "Digital innovation is not led by the digital department alone but requires all employees to take the initiative in planning and executing digital innovation," urging all employees to become 'ambidextrous' talents equipped with both practical skills and digital capabilities.

Meanwhile, about 1,000 people, including sales field managers, headquarters executives, and team leaders, attended the meeting to review last year's management performance and share this year's management strategy.

This content was produced with the assistance of AI translation services.