|Kyobo Life Insurance Chairman Shin Chang-jae speaks during a 2021 strategy meeting with executives at its headquarters in Seoul on Jan. 8. Courtesy of Kyobo Life Insurance|
By Lee Min-hyung
Kyobo Life Insurance Chairman Shin Chang-jae has pledged to inject innovative spirit into the firm's digital business, as one of his top management goals for 2021.
"Digital technology is nothing more than a tool for us to innovate existing and new businesses," Shin said during a strategy meeting Friday.
He stressed the notion of "innovation" to stay ahead of the company's rivals in the digital era.
"We need to focus on innovation, rather than the digitization," he said. "The gist of innovation is speed. We should innovate our businesses faster than competitors to become a winner."
For this year, the nation's top-tier life insurance company has pledged to make "fundamental changes" in the firm's overall management systems ― such as traditional work processes, communication methods and business models ― in a way to embrace digital transformation.
Digital innovation is a must for most insurers here amid ever-toughening competition and weakening growth outlook. As the near-zero benchmark interest rate is expected to continue throughout 2021, insurers are rushing to find next their profit sources particularly in the digital sector.
"We should never forget that with a crisis comes opportunities," he said. "A leader of an organization needs to ensure psychological stability for employees to take on new challenges."