Shin Chang-jae, chairman of Kyobo Life Insurance, said, "Regardless of how difficult and challenging the market environment is, we must find a breakthrough through customer value-centered business innovation."
On the 2nd, Shin noted during the '2025 business year start meeting' that the insurance industry may face a triple whammy this year with declining growth, revenue, and soundness.
Shin emphasized the need to provide balanced protection to customers with a focus on family and health coverage while delivering differentiated customer value. He also stated that marketing should be strengthened based on customer needs and that leading products and services should be offered in the market.
Shin called for the establishment of a financial consumer protection framework. He mentioned that by actively reflecting various opinions provided by consumers at all stages of the insurance business in company policy, the company should provide tangible value that consumers can feel and build trust.
Shin explained, "As of the end of last year, our society has entered a super-aged society, where the population aged 65 and older accounts for over 20% of the total population." He added, "Concerns are raised about the negative impact on the financial soundness of insurance companies this year due to factors such as a declining working-age population, slowing economic growth, and interest rate cuts aimed at stimulating domestic demand, which may result in decreased new insurance contract sales and asset management profits."