Shin Chang-jae, CEO and Chairman of the Board of Kyobo Life Insurance, urged employees to transform into a customer-centered company amid the crisis in the insurance industry.
At the 67th anniversary celebration held on the 7th at the Kyobo Life Insurance Building in Jongno-gu, Seoul, Chairman Shin noted, "The insurance industry is experiencing structural problems such as low growth, low birth rates, and an aging population, compounded by an economic recession, a trend of interest rate cuts, and strengthened financial soundness regulations, all worsening growth, revenue, and soundness."
Chairman Shin stated, "As the insurance industry engages in heated competition to secure Contract Service Margin (CSM), the market is becoming increasingly muddled," and added, "The damage caused by this intense competition falls on innocent customers, which is unfortunate."
He said, "Even if the insurance market is chaotic, let Kyobo Life Insurance properly convey to customers and the market the noble spirit of life insurance, which provides protection against adversities for customers." He continued, "No corporation that fails to gain customer choice in the market can survive," and emphasized, "To survive and continue to grow in the market, we must transform into a more customer-centered company."
Chairman Shin particularly mentioned, "The capability to utilize artificial intelligence (AI) is a key competitive advantage in the insurance industry," stating, "Let's create a leading company in digital transformation (AI-DX) that integrates AI technology into all business processes to provide differentiated experiences and value to customers."