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Kyobo Life chair receives sustainability award

Oct 19,2019
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Shin Chang-jae
On Friday, Shin Chang-jae, chairman and CEO of Kyobo Life Insurance, received an award for driving sustainable growth in the life insurance sector.

The award, given by Korean Standards Association and supported by the Industry Ministry, credited the chief with leading active corporate social responsibility initiatives and balanced growth.

“The award’s committee, consisting of experts and professors, rated high scores on [Kyobo’s] efforts to play a leading role in corporate social responsibility activities over the past 20 years,” said Kyobo Life Insurance.

The company’s performance on Korea Sustainability Index (KSI), a measurement of long-term economic, environmental and social value, contributed to the selection. Kyobo achieved the highest KSI scores among Korean life insurers over the past ten years.

Taking charge in 2000 at Kyobo, Shin is a doctor-turned-CEO.

At the time of inauguration, the insurer had posted operating losses, but the CEO managed to turn a profit through a wide range of reforms.

“Chairman Shin acted on large scale management reform to transform the decision-making process from corporate-oriented to client-focused,” the company noted.

“[Shin] corrected wrong sales practices and streamlined sales divisions,” it continued, “The focus of marketing strategies also shifted to the insurance products that cover a specific types of diseases in the mid-to long term.”

BY PARK EUN-JEE [park.eunjee@joongang.co.kr]