Ky­obo Life’s lead­er­ship sys­tem prov­ing suc­cess

The Korea Times - - FINANCE - By Kim Bo-eun [email protected]­re­

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

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