Kyobo Lifeplanet Confirms Reappointment of CEO Youngseok Kim

Kyobo Lifeplanet Life Insurance announced on December 1 that it had officially confirmed the reappointment of CEO Youngseok Kim at the shareholders’ meeting and board of directors meeting held on November 28.

Kim, who took office at the end of 2023 as the company’s first externally appointed CEO, was reappointed based on his achievements in stabilizing business performance, improving financial soundness, and establishing a foundation for growth as a digital insurer.

Youngseok Kim, CEO of Kyobo Lifeplanet. Kyobo Lifeplanet

Born in 1972, Kim graduated from Seoul National University’s College of Education and led financial and digital transformation projects at global consulting firms Accenture and EY Korea. He then served as Chief Technology Officer (CTO) and Chief Operating Officer (COO) at AIA Life, spearheading digital transformation and operational efficiency strategies for the insurer. He also oversaw corporate strategy and new business planning as Head of Strategic Planning at SK Bioscience.

At Kyobo Lifeplanet, Kim prioritized strengthening digital capabilities and innovating the profit structure. Through the “Lifeplanet Reboot” strategy, he drove a comprehensive overhaul of the product lineup, organizational restructuring, enhancement of digital and omnichannel capabilities, and cost efficiency measures. Although the company has not yet achieved an annual profit, both underwriting and investment results have improved, and the key financial soundness indicator, the K-ICS ratio, has stabilized. The company also recorded a profit in certain quarters and months this year, demonstrating the potential for self-sustaining operations.

Regarding his reappointment, Kim stated, “There is still a long way to go, but I believe we have achieved meaningful results in enhancing our competitiveness as a digital insurer and securing a stable profit structure. Going forward, we will accelerate insurance innovation using generative artificial intelligence (AI) and data, and strengthen our overseas expansion to ensure sustainable growth.”

This year, Kyobo Lifeplanet has already achieved several milestones that reinforce its identity as a digital insurer, including the launch of a generative AI-based omnichannel consultation platform, a digital coverage analysis program, data-driven pre-screening for product risk, and overseas expansion through platform partnerships. The company began its overseas business in Asia by starting a coverage analysis collaboration with FWD in October. In addition, it signed a proof-of-concept (PoC) agreement with another global insurer to use Kyobo Lifeplanet’s systems, with the project set to begin in January.

Kim has also served as a spokesperson for the digital insurance industry, advocating for regulatory support from authorities to strengthen the role of digital insurance and build a healthy ecosystem in the domestic insurance market.

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