Shin Chang-jae "Promoting Ambidextrous Management... Establishing a Foundation for Success in the Digital Era"

Shin Chang-jae, Chairman of Kyobo Life Insurance, stated this on the 8th at the '2021 Company-wide Management Strategy Meeting' held at Kyobo Life Insurance headquarters in Gwanghwamun, sharing this year's management strategy based on 'Digital Transformation'.

[Asia Economy Reporter Oh Hyung-gil] Shin Chang-jae, Chairman of Kyobo Life Insurance, stated, "This year marks the starting point for ambidextrous management, and we have designated this year as the 'Year of Building a Foundation for Success in the Digital Era.'"

On the 8th, at the '2021 Company-wide Management Strategy Meeting' held at Kyobo Life Insurance headquarters in Gwanghwamun, Chairman Shin shared this and outlined this year's management strategy based on 'Digital Transformation.'

Chairman Shin explained that he will actively promote the ambidextrous management approach he has emphasized so far. Ambidextrous management focuses on continuously generating profits from the existing life insurance business through digital transformation while securing new growth engines to build a foundation for the future.

Chairman Shin urged employees and executives to "fully understand the background of this year's management policy and diligently implement key initiatives such as improving profitability in the traditional insurance business, preparing for future growth through digital innovation, spreading a culture of vigorous innovation within departments, practicing industry-leading consumer protection, and establishing a proactive and responsive asset management system."

Kyobo Life Insurance plans to fundamentally transform the entire company management?including corporate culture, work processes, communication methods, and business models?to suit the digital era through ambidextrous management. The company is also exploring various digital transformation plans in connection with its affiliates.

Chairman Shin also stated, "The introduction of digital technology is merely a means to innovate business, not an end in itself," emphasizing, "We must focus on ‘innovation’ rather than just digital."

He continued, "The success or failure of innovation depends on how quickly one can find the exit in a maze. A culture of boldly trying, failing, and quickly changing methods to challenge again must be established," adding, "The core of innovation is speed; to be a winner, you must innovate faster than competitors in the market. Organizational leaders must provide psychological stability so that members can take on new challenges."

Chairman Shin quoted Oscar Wilde’s saying, "Even if we are all wallowing in the mud, someone is looking at the stars," and emphasized, "The outcome depends on where you look and what you think. Let us not forget that opportunities come with crises and start the new year with hope."

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