Kyobo Life’s leadership system proving success
Kyobo Life Insurance’s new leadership system is proving to be successful, with the allocation of roles enabling the establishment of a long-term strategy while focusing on immediate tasks. Chairman Shina Changjae established a chief operating officer (COO) position in March, naming Yun Your-hyun as the first COO to oversee insurance sales and marketing.
The new leadership system has enabled each to focus on their roles. Shin has been in charge of devising long-term strategy and planning.
Insurers are facing increasingly tough circumstances amid low interest rates that have led to falls in assets management profits. They also are awaiting the introduction of stricter accounting standards.
The chairman visited Japan during the Chuseok holidays last week, to hear about Japanese insurers’ experiences and find a breakthrough to survive in a situation low growth and low interest rates.
Many Japanese insurers went bankrupt during the country’s decades-long stagnation from the early 1990s to 2010.
Shin met with working-level employees to hear about how the industry dealt with the situation at the time.
He has also devised the company’s digital strategy and new projects. Kyobo said in July it is preparing to become a health care platform.
Meanwhile, Yun checked on a new computer system last week that is set to improve procedures and more effectively manage customer data.
Yun has concentrated on increasing marketing competitiveness and conducting customer-centered sales, Kyobo becoming the first life insurer to offer consulting services on new contracts in foreign languages.
Kyobo managed to post year-onyear growth in net profits for the first half of this year, while its competitors saw their earnings plunge amid the tough market circumstances.
Shina Chang-jae Kyobo Life chairman