Jo Yong-byeong: "The Integrated Insurance Company Launching Next Year Must Lead Innovation"... Organizational Restructuring Also Implemented

Expansion of Personnel Exchange Between Shinhan Life and Orange Life

[Asia Economy Reporter Kim Hyo-jin] Cho Yong-byeong, Chairman of Shinhan Financial Group, urged leading innovation to ensure that the integrated insurer of Shinhan Life and Orange Life can take the lead as a top-tier insurance company ahead of its one-year anniversary.

Shinhan Financial Group announced on the 1st that it held a 'New Life Promotion Committee' meeting via video conference attended by Chairman Cho and the management teams of Shinhan Life and Orange Life.

The meeting held the previous day was conducted to share and review progress in various fields up to now, at the point one year before the launch of the integrated insurer. In addition, various discussions were held regarding the financial and IT integration, the most important parts of the physical integration.

The attendees first simulated the scale of changes in capital, profit and loss, and solvency of the integrated insurer in preparation for the introduction of the new solvency regime, 'K-ICS,' and based on this, discussed strategies to secure industry-leading capital soundness. They also checked the progress of building the core infrastructure of the integrated insurer, the financial and IT integrated systems, and measures to improve system quality.

The New Life Promotion Committee has begun full-scale chemical integration work through personnel exchanges and organizational restructuring. Shinhan Life and Orange Life each appointed two executives responsible for customer marketing and consumer protection in a cross-appointment manner, and conducted personnel exchanges involving about 40 people, including three department heads.

Additionally, they implemented organizational restructuring from the perspectives of ▲customer-centric organizational structure and ▲strengthening DT (Digital Transformation) driving forces. Shinhan Life established a 'Customer Strategy Group' to expand the customer base, while Orange Life established a Digital CX (Customer Experience) Office to promote company-wide digital strategy.

The New Life Promotion Committee plans to accelerate the integration of organizational and work regulations and reorganize the entire organizations of both companies based on the integrated insurer standards by early next year.

Chairman Cho, who attended the meeting, said, "What determines the outcome in a marathon is ultimately the final sprint," and added, "Please take the lead in making New Life, launching in July next year, a top-tier insurance company that leads innovation based on industry-leading capital adequacy and top 2-level profitability, and has a customer-centric sales system."

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