Shin Chang-jae: "Respond Agilely to the Environment Changed by COVID-19"

Through Employee Messages "We Cannot Return to the Old Days After COVID Ends"... Accelerating 'Untact? Digitalization'
President Yoon Yeol-hyun "We Will Prepare Various Support Measures for Sales Activities"... Encouraging Message to the Field

Shin Chang-jae, Chairman and CEO of Kyobo Life Insurance

[Asia Economy Reporter Oh Hyung-gil] Shin Chang-jae, CEO of Kyobo Life Insurance, emphasized on the 2nd, "We must abandon the idea that things will return to the way they were once the novel coronavirus infection (COVID-19) ends," adding, "We need to quickly prepare for the new world that COVID-19 will bring about."

Through a message to employees on the same day, Chairman Shin urged a prompt response to the internal and external environments changed by COVID-19. The message highlighted the rapid shift to a digital economy, such as the increase in untact consumption due to the COVID-19 situation, and the need to pursue digitalization across the entire sales process in preparation for this.

Chairman Shin diagnosed, "Consumers accustomed to digital trends will not return to past consumption methods, and these trends will accelerate further, leading to a rapid transition to a digital economy." He emphasized, "In line with these changes, we must accelerate non-face-to-face sales activities using digital tools and discover new business models."

In fact, Kyobo Life Insurance is preparing various measures to strengthen untact sales. They are reviewing plans such as building a digital platform to enhance non-face-to-face sales and expanding remote video conferencing.

Policy support measures for financial planners (FPs) have also been prepared. A portion of the newly contracted commission payments will be advanced, and special funds linked to performance will be supported. The settlement commission payment requirements will be lowered for new FPs. For some products, subscription limits have been expanded and underwriting standards relaxed.

Additionally, to support FPs' non-face-to-face sales activities, supplies such as masks and hand sanitizers will be provided. Disinfection will be further strengthened at call centers, direct branches, and customer plazas.

Meanwhile, CEO Yoon Yeol-hyun delivered an encouraging message to the sales field. CEO Yoon said, "The relatively good results in insurance sales and asset management despite difficult circumstances are the result of the efforts of all FPs and employees," and emphasized, "We will prepare various support measures to alleviate difficulties in sales activities in anticipation of the prolonged COVID-19 situation."