Chairman Shin Chang-jae: "We Must Accelerate Digital Transformation to Achieve Innovation Comparable to Big Tech"

Kyobo Life Insurance '2022 Management Strategy Meeting', Focus on Marketing and Innovation

At the '2022 Company-wide Management Strategy Meeting' held on the 7th at Kyobo Life Headquarters in Gwanghwamun, Shin Chang-jae, Chairman of Kyobo Life, urged accelerating the pace of digital transformation to achieve marketing innovation comparable to big tech companies.

[Asia Economy Reporter Ki Ha-young] Shin Chang-jae, Chairman of Kyobo Life Insurance, urged accelerating the pace of digital transformation to achieve marketing innovation comparable to big tech companies.

Kyobo Life Insurance announced on the 9th that it held the '2022 Company-wide Management Strategy Meeting.' At the meeting held on the 7th at Kyobo Life Insurance headquarters in Gwanghwamun, Chairman Shin stated, "Big tech and platform companies are entering the insurance and healthcare markets," and diagnosed that "a 'coopetition'?where traditional financial firms and platform companies cooperate while competing?is actively taking place."

He added, "To secure competitiveness beyond big tech, both offensive and defensive strategies are necessary," emphasizing, "We must utilize digital technology to promote new businesses while radically innovating core insurance business processes such as enrollment, payment, and customer complaint handling in terms of time, cost, and convenience."

He also urged employees to break down departmental boundaries and become an 'agile organization' that fosters growth through rapid innovation. Chairman Shin said, "As a customer-centric agile organization, we must respond quickly and flexibly to customer needs and market changes, and be capable of 'pivoting'?shifting business directions based on existing operations according to environmental changes."

As a representative owner CEO in the insurance industry, he also mentioned his philosophy on marketing and innovation. Chairman Shin stated, "If sales is a company-centered selling technique, marketing is about creating a customer-centered selling 'system.' We must strive for sustainable growth and enhanced customer value through marketing that develops products and services based on market and customer needs and generates demand."

He continued, "To succeed in innovation, it is necessary to cultivate an innovation culture that increases employees' commitment to innovation," adding, "Through a 'work diet' in the headquarters departments, we will encourage employees to generate creative ideas and focus limited working hours on core tasks to improve job engagement and work productivity."

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