Kyobo Life Celebrates 65th Anniversary... "Flexible Organizational Culture Needed for Innovation"

Chairman Shin Chang-jae Emphasizes Improvement of Organizational Culture

Shin Chang-jae, CEO and Chairman of Kyobo Life Insurance, called for a transformation into a flexible organizational culture during the company's 65th anniversary ceremony. He emphasized the need for bold innovation and a commitment to digital transformation, given the crisis facing the insurance industry.

Chairman Shin made these remarks at the 65th anniversary event held on the 7th at the Gwanghwamun headquarters in Jongno-gu, Seoul.

He diagnosed, "Significant changes are occurring across the insurance business due to aging, the implementation of new accounting standards such as IFRS17 and the new solvency regime (K-ICS), the entry of big tech into the insurance market, and structural changes in insurance channels," adding, "A 'gray rhinoceros' is approaching the insurance industry." The term 'gray rhinoceros' refers to a situation where obvious warning signs of danger are ignored due to complacency, leading to a major crisis.

He stated, "The key to innovation must be found in customers' inconveniences," and urged, "We need to actively promote open innovation by collaborating with external partners to quickly resolve insurance business issues and explore new business opportunities."

Chairman Shin particularly stressed digital transformation. He said, "Experts believe that the digital transformation of the domestic insurance industry currently remains at the level of improving customer experience and enhancing cost and operational efficiency through digitalization, but cases of business model innovation or successful new business development are expected to emerge within a few years," emphasizing, "We must also stake our lives on digital transformation and new business ventures."

To achieve this, he called for a horizontal and flexible organizational culture. The key initiatives include ▲implementing a new form of address system ▲improving work methods ▲practicing DE&I (Diversity, Equity & Inclusion) culture ▲introducing a desired job support system.

First, all employees will use English names instead of job titles during meetings and work. He also proposed using Word instead of PowerPoint (PPT) for meetings and reports. Alongside practicing DE&I culture through fair personnel management and ESG (Environmental, Social, and Governance) management, the company will implement a desired job support system where employees can choose their own career development goals, jobs, and competency development programs.

Chairman Shin said, "The essence of the organizational culture we pursue is for employees to freely express their opinions regardless of rank or age, to responsibly perform their duties based on their roles and competencies, and to clearly recognize and reward employees' achievements, thereby maximizing the company's performance," adding, "Let us continue to create outstanding management results through relentless innovation and contribute to making a better world by growing together with current and future stakeholders."

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