Kyobo Life Insurance CEO appointed laureate by International Insurance Society

Kyobo Life Insurance CEO Shin Chang-jae [KYOBO LIFE INSURANCE]

Kyobo Life Insurance CEO Shin Chang-jae was appointed as a laureate by the New York-based International Insurance Society (IIS) on Wednesday.

Shin was appointed as the 2023 Insurance Hall of Fame Laureate.

Kyobo Life is the country’s third largest insurer in terms of assets.

Shin “embodies the spirit of the Insurance Hall of Fame through his change management, visionary leadership and people-first approach,” said Josh Landau, president of the IIS. His “commitment to leading with love, affection and respect for all human life based on stakeholder relationship management has established Kyobo as one of Korea’s most successful insurers and a pioneer in ESG sustainability initiatives,” said James Vickers, chair of the IIS Honors program. ESG stands for environment, social and governance.

The Insurance Hall of Fame recognizes leaders who have made a broad, encompassing and lasting contribution to the insurance industry, according to the IIS.

Shin’s father and founder of Kyobo Life, Shin Yong-ho, was the 1996 Laureate.

“It is an honor to be able to receive the most honorable award in the insurance industry after my late father,” said Shin. He stressed keeping a “balance” of all the people of interest, including customers, employees, investors and the society.

Shin took the helm of Kyobo Life as CEO in 2000. His contributions to the company include changing management programs focused on improving customer satisfaction, achieving financial stability and shifting the business model from quantitative to qualitative growth.

BY JIN MIN-JI [jin.minji@joongang.co.kr]