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| From left are Kyobo Life Insurance's late founder Shin Yong-ho and his son and incumbent Kyobo Chairman Shin Chang-jae. Courtesy of Kyobo Life Insurance |
By Lee Min-hyung
Kyobo Life Insurance Chairman Shin Chang-jae has been named as the laureate of the 2023 Insurance Hall of Fame for his management philosophy that values people, the International Insurance Society (IIS) said in a statement, Wednesday.
"Dr. Shin Chang-jae embodies the spirit of the Insurance Hall of Fame through his innovative management, visionary leadership and people-first approach," Josh Landau, president of the IIS, said.
James Vicker, chair of the IIS Honors program, also spoke highly of Shin's leadership focusing on humanity and environmental, social and corporate governance (ESG).
"Dr. Shin's commitment to leading with love, affection and respect for all humans based on stakeholder relationship management has established Kyobo as one of Korea's most successful insurers and a pioneer in ESG and sustainability initiatives," he said.
Shin's father, Shin Yong-ho ― the founder of the insurer ― is the 1996 Laureate. This is the first time in the global insurance industry that two family members were named as Hall of Fame Laureates.
The IIS described Shin as a "human-centered visionary" with his management focus on love and humanity.
"As a business leader and former medical doctor, Dr. Shin believes in his 'human-centered stakeholder relational management' philosophy: demonstrating that love and respect for all human beings can spare people from anxiety and help them prepare for adversity," the statement said. "Amidst the digital disruption, Kyobo Life is currently going through a business transformation. This is reflected in Kyobo Life's Vision 2025 which aims 'to become the leading financial company delivering value in art & culture by 2025,'" it said.
"The company's mission is to holistically enrich everyone's lives through financial, intellectual and cultural growth," the statement said. "The core values of Kyobo Life are tenacity, creativity, customer orientation and honesty and integrity."
When Shin took the helm of Kyobo Life as CEO in 2000, the company was still suffering in the wake of the Asian financial crisis. In response, he initiated company-wide changes in management style focusing on improving customer satisfaction, achieving financial stability, controlling risk and shifting the business model from quantitative to qualitative growth, according to the IIS.
"Dr. Shin communicated actively with the employees and executives to create empathy and enhance participation. These efforts paid off. The financial performance of the company continued to improve in terms of profit, capital and financial stability, culminating in 2009 when Kyobo Life was awarded 'Life Insurance Company of the Year' by the Asia Insurance Industry Awards."
Kyobo Life also became Korea's first insurer to join the UN Global Compact in September 2010. After joining the initiative, Kyobo established 10 principles under the four pillars of human rights, labor, environment and anti-corruption.
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