Anna Jiwon Park has been covering the politics at The Korea Times since the summer of 2024, when she joined the press pool for the Office of the President in Korea. Prior to that, she spent about five years reporting extensively on financial markets, regulatory authorities and the financial industry. She joined The Korea Times in 2019 after spending eight years as a broadcast journalist at Arirang TV, Korea’s leading global broadcaster, covering politics, defense and culture.
Kyobo Life chairman added to Insurance Hall of Fame
Kyobo Life Insurance Chairman and CEO Shin Chang-jae, left, shakes hands with International Insurance Society (IIS) President Joshua Landau at the Global Insurance Forum gala held at the Hilton Singapore Orchard in Singapore, Nov. 6. Courtesy of Kyobo Life Insurance
By Anna J. Park
Shin Chang-jae becomes first legacy inductee of prestigious insurance awards
Kyobo Life Insurance Chairman and CEO Shin Chang-jae was named this year's Insurance Hall of Fame Laureate, one of the global insurance industry's most prestigious recognitions, often referred to as the "Nobel Prize of Insurance."
According to the International Insurance Society (IIS) and Kyobo Life on Tuesday, Shin was formally honored at a gala of the Global Insurance Forum held at the Hilton Singapore Orchard, Oct. 6. Over 350 global insurance company CEOs, executives, scholars and related officials attended the event, celebrating Shin as he received the award.
With the award, Shin has become the first legacy inductee in the society's 66-year history, as his own father Shin Yong-ho, the founder of Kyobo Life, also won the award in 1996.
"I left my medical school professorship and joined Kyobo Life in 1996, a company founded by my late father. I have inherited and followed in his footsteps which has led to this honor. I owe him for the guidance that has brought me here," Shin said in his acceptance speech during the ceremony.
"All my life, I have fully committed myself to the life insurance industry. It has been a fulfilling journey and I am proud to walk this path. This is because life insurance is the most beautiful social system in the world where people extend their spirit of love to help those in difficult times."
Shin Chang-jae, chairman and CEO of Kyobo Life Insurance, delivers a speech at the Global Insurance Forum gala held at the Hilton Singapore Orchard in Singapore, Nov. 6. Courtesy of Kyobo Life Insurance
Shin went on to emphasize that his next challenge will be to contribute to society by redefining and improving the current practices of the Korean life insurance industry.
"The life insurance system is essentially a 'story of love.' It is human nature to express our love by protecting and caring for each other during difficult times. In Korea, this has unfortunately transformed into a 'story of money.' This distortion has occurred because everyone, be it insurance companies, financial planners or customers, has become overly focused on their own financial gains," he said.
"The story needs to change. Then our community can feel a sense of security and caring. I aspire to promote the notion that life insurance operates as a social welfare and financial system, driven by love. I believe this is my mission, this is our mission."
An image of Kyobo Life Insurance Chairman and CEO Shin Chang-jae displayed at the Global Insurance Forum gala held at the Hilton Singapore Orchard in Singapore, Nov. 6. Courtesy of Kyobo Life Insurance
“Dr. Chang-jae 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.
James Vickers, chair of the IIS Honors program, also praised Shin's lifetime of achievements in advancing the insurance industry: “Dr. Shin’s 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 and sustainability initiatives.”
The award was established in 1957 to honor visionaries who have made broad, encompassing and lasting contributions to the advancement of the insurance industry through innovation. Nominees for the Insurance Hall of Fame are submitted by IIS members and evaluated for selection by the IIS Executive Council. The honorees' service and management philosophies are to be permanently preserved in the Hall of Fame.
Recent laureates include Larry D. Zimpleman of Principal Financial, A. Greig Woodring of RGA, Michael A. Butt of Axis Capital and Shuzo Sumi of Tokio Marine.