[New Year's Address] Jeong Hee-su, President of the Life Insurance Association, "Promoting the Establishment of a Comprehensive Life Finance Platform"

[Image source=Yonhap News]

[Asia Economy Reporter Oh Hyung-gil] Jung Hee-su, Chairman of the Life Insurance Association, announced on the 31st that he will promote the establishment of a legal and institutional foundation to build a comprehensive lifestyle financial platform based on life insurance, enabling the provision of daily life services such as health management, asset management, and caregiving services.

In his New Year's address, Chairman Jung said, "The normalization of non-face-to-face culture due to COVID-19 is accelerating the digitalization of the financial industry," adding, "We will promote the digital transformation of the life insurance industry so that changes in the digital environment can become new growth opportunities for the insurance industry."

To this end, he explained that they will support the introduction of innovative technologies such as artificial intelligence (AI) and mobile-based services, and push for regulatory improvements to enable digitalization across all business areas from insurance solicitation to insurance claim payments.

Furthermore, Chairman Jung emphasized the expansion of life insurers' social roles in the senior care industry by stating, "To pioneer new markets, we will expand the social role of life insurers in the senior care industry through the activation of caregiving and nursing services," and "We will actively support the life insurance industry's preemption and expansion of the healthcare market."

He continued, "Although the life insurance industry has made various efforts to restore customer trust, it is still insufficient from the consumers' perspective," adding, "To build a trust relationship with consumers, we will take the lead in spreading ESG (Environmental, Social, and Governance) management culture, and push for institutional improvements so that simple complaints unrelated to insurance claim payments can be promptly handled centered on the association."

Finally, Chairman Jung urged, "We must contemplate the essence and future of life insurance and break away from past practices to take on new challenges for innovation in the insurance industry," and encouraged, "Let us actively strive with the spirit of Geuksecheokdo (克世拓道), meaning overcoming current difficulties and creating new paths."

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