Shin Chang-jae, CEO and Chairman of the Board of Kyobo Life Insurance, emphasized the need to find a breakthrough through business innovation centered on customer value.
Chairman Shin stated this during the ‘2025 Fiscal Year Kick-off Meeting,’ saying, “This year, the insurance industry may face a triple crisis of deteriorating growth, profitability, and soundness.”
Shin Chang-jae, CEO and Chairman of the Board of Directors of Kyobo Life Insurance
Chairman Shin explained, “As of the end of last year, our society has entered a super-aged society where the population aged 65 and over exceeds 20% of the total population. Due to the decline in the working-age population, slowing economic growth rate, and interest rate cuts to stimulate domestic demand, this year, new insurance contract sales and asset management profits are expected to decrease, raising concerns about the negative impact on insurers’ financial soundness.”
He continued, “To find an exit to overcome the difficult management environment, we must strengthen the core competitiveness of life insurance through business innovation,” adding, “We need to provide customers with balanced coverage centered on family protection and health protection while delivering differentiated customer value.”
Chairman Shin also stressed the importance of strengthening customer demand-based marketing and offering market-leading products and services. He called for establishing a quality-based financial consumer protection system. He said, “We must actively reflect the various opinions provided by consumers at all stages of the insurance business in company policies,” and “We need to provide tangible value that consumers can feel to become a more trusted company.”
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