Shin Chang-jae's 'Digital Innovation'... Kyobo Life Insurance Begins Headquarters Staff Reallocation (Comprehensive)

Shin Chang-jae Declares 'Digital Transformation'
Streamlining Workforce Around Digital Organization
Introducing Education and Key Talent Recruitment Plans

[Asia Economy Reporter Oh Hyung-gil] Kyobo Life Insurance has begun efforts to optimize personnel centered on its digital division. Following the COVID-19 pandemic, the company declared a 'Digital Transformation (DT)' to prepare for the post-COVID era, with plans to first transform its organizational structure.

According to the insurance industry on the 21st, Kyobo Life Insurance will conduct a research project from next month until March of next year to promote the 'Human Resources Reestablishment Project for Digital Transformation.' Through this, the company plans to optimize personnel centered on the digital organization and establish measures to enhance in-house digital capabilities and secure digital talent.

Currently, the priority task is to determine the appropriate number of employees among the approximately 3,000 headquarters staff and reassign personnel to the digital organization. The company will create digital leaders for each organizational unit and develop personnel management plans suitable for flexible organizational structures such as small-scale Agile teams.

Additionally, Kyobo Life Insurance plans to introduce educational programs to enhance employees' digital capabilities and implement core talent recruitment methods. The company aims to establish a system to measure employees' digital skills and reflect these capabilities in promotions and performance management.

This initiative stems from digital innovation emphasized by Chairman Shin Chang-jae of Kyobo Life Insurance. At the 'Second Half Strategy Meeting' last July, Chairman Shin stated, "The COVID-19 pandemic has accelerated digital transformation," and emphasized, "We must strengthen the digital work capabilities of all employees and consultants to gain competitiveness in the digital era."

Chairman Shin Chang-jae: "Strengthen Employees' Digital Work Capabilities"

To this end, Chairman Shin declared a digital transformation that fundamentally changes the entire corporate culture, including communication methods, work processes, and business models, starting with the organization.

Focusing on management centered on digital innovation, Kyobo Life Insurance has achieved results such as developing the AI underwriting system 'BARO' and creating the open innovation platform 'InnoStage' for collaboration with startups. Last year, the company also introduced the 'Next-Generation Insurance System V3' based on digital innovation. This system revolutionized business processes through customer-centric operations, support for field sales activities, and a flexible IT platform.

Kyobo Life Insurance is also promoting the 'Unicorn Project' to accelerate digital innovation by discovering employees' ideas. Employees freely form small Agile teams to propose business process innovation plans or new business model ideas, and outstanding ideas are verified and commercialized. To encourage voluntary participation, the company established the 'Eureka Day' system to support employees' capability development.

Notably, Kyobo Life Insurance recently participated in the preliminary bidding for AXA General Insurance as part of its transition to a digital insurer. Together with the online life insurance company 'Kyobo Lifeplanet,' the company expects new synergies in the non-face-to-face insurance sector.

A Kyobo Life Insurance official stated, "We will strengthen competitiveness based on digital technology and secure future growth potential to ultimately provide better value through digital innovation," adding, "We plan to establish strategies and execution tasks to enhance capabilities by utilizing digital technology company-wide."

On the 6th, a support message related to the novel coronavirus infection (COVID-19), '#Thanks to the People,' was posted on the outer wall of the Kyobo Life Insurance Building in Gwanghwamun, Jongno-gu, Seoul. Photo by Moon Honam munonam@

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