Kyobo Life Insurance Holds Company-wide Management Strategy Meeting
Emphasizing Enhanced Change Responsiveness and Internal-External Innovation
Shin Chang-jae, Chairman of Kyobo Life Insurance, is speaking at the '2023 Company-wide Management Strategy Meeting' held on the 6th at the Kyobo Life Insurance Training Center in Cheonan, Chungnam. (Provided by Kyobo Life Insurance)
[Asia Economy Reporter Minwoo Lee] Shin Chang-jae, Chairman of Kyobo Life Insurance, emphasized to employees the need for fast and flexible leadership to navigate a period marked by multiple overlapping uncertainties. He also stressed the importance of data acquisition and utilization, urging various internal and external innovations.
According to Kyobo Life Insurance on the 8th, Chairman Shin made these remarks at the '2023 Company-wide Management Strategy Meeting' held on the 6th at the Kyobo Life Training Center in Cheonan, Chungnam Province.
Chairman Shin expressed new leadership through the neologism 'VUCA.' This term, derived from the initials of Volatility, Uncertainty, Complexity, and Ambiguity, refers to an uncertain future. He stated, "In an environment with high volatility, it is important to focus on strategic goals and enhance understanding of the management environment when facing uncertainty. Simplifying complex problems for clear communication and quickly and flexibly trying to find the appropriate approach among various options are crucial."
Chairman Shin diagnosed that South Korea's economy is expected to face a triple recession in consumption, investment, and exports this year. He also expressed concerns about challenging external factors such as the intensification of US-China conflicts, the prolonged Russia-Ukraine war, and the full-scale global economic downturn. He said, "In the era of 'permacrisis'?a permanent crisis where economic instability and crises persist over a long period?we must prepare various scenarios considering both domestic and international situations and respond timely."
He also emphasized the importance of acquiring and utilizing data, explaining that marketing leveraging data will determine success or failure. He stated, "Data-driven decision-making must be embedded as a fundamental culture within corporate organizations. Understanding what inconveniences customers and what problems we need to solve is a priority, and innovation also starts from here."
Additionally, he highlighted open innovation such as ▲in-house ventures ▲utilization of external digital talents ▲strategic investment by corporate venture capital (CVC) ▲acceleration ▲joint ventures (JV) with external companies. He urged, "To avoid falling behind in competition with big tech companies, we must strengthen open innovation by collaborating externally to promptly solve insurance business issues and verify the potential of new businesses. We need to collaborate with startups related to the insurance business and operate in-house ventures to build a robust business ecosystem unique to Kyobo Life Insurance."
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