Jeong Hee-su, President of the Life Insurance Association, "Driving a Life Insurance Industry Trusted by Consumers"

Korea Life Insurance Association Announces 'Vision 2030'
"Will Contribute to Innovative Growth of Insurance Industry"

Jung Hee-soo, Chairman of the Life Insurance Association, is giving an interview at the Life Insurance Association in Jung-gu, Seoul on the 5th. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Oh Hyung-gil] The life insurance industry has decided to establish a policy coordination council to build a joint response system for life insurance policies.

They also plan to lead digital innovation by securing competitiveness in life insurance data through the use of MyData and 'MyHealthWay,' a MyData service in the medical field.

On the 15th, the Life Insurance Association announced its business strategy and declared 'Vision 2030' to drive innovative growth in the life insurance industry.

The newly established policy coordination council, led by the association, will proactively identify issues through overseas case studies and in-depth research and analysis of data utilization.

To expand the insurance platform, they will improve laws and regulations to allow the use of services not only for enrollment but also for health, assets, and diet management, and support the introduction of AI and mobile-based services.

They will promote the expansion of tax deductions for pension accounts and protection insurance, and assist in developing specialized insurance products that provide comprehensive elderly health management services such as nursing care, dementia, and hospice.

Additionally, to strengthen organizational capabilities, they will expand recruitment of professional personnel such as experienced specialists and certified experts, and establish a mid- to long-term expert training system. To spread ESG (environmental, social, and governance) management culture, they will prepare internal regulations, support organizational restructuring, and share domestic and international trends.

Jung Hee-soo, president of the Life Insurance Association, stated, "The association must first achieve change and innovation by spreading a flexible organizational culture that allows creative thinking to emerge and by strengthening job expertise. Based on the enhancement of the association's organizational capabilities, we must support the pioneering of new markets in the life insurance industry and lead a life insurance industry trusted by consumers."

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