Leaders of KB, Sompo Holdings hold further discussions on cooperation

KB Financial Group Chairman Yoon Jong-kyoo, right, shakes hands with Sompo Holdings CEO Kengo Sakurada during their reunion at the Korean banking group's headquarters in Yeouido, Seoul, Wednesday. The two met previously in Tokyo last year, when they signed a memorandum of understanding (MOU) on cooperation. Courtesy of KB Financial Group

By Yi Whan-woo

KB Financial Group Chairman Yoon Jong-kyoo met with CEO Kengo Sakurada of Japan's top-ranked insurance company Sompo Holdings for an in-depth discussion on cooperation between the companies, the Korean banking group said Friday.

The meeting took place at KB Financial Group's headquarters in Yeouido, Seoul, Wednesday, following the previous gathering in Tokyo in June 2022.

Back then, Yoon and Sakurada signed a memorandum of understanding (MOU) to bolster cooperation.

The Seoul gathering in turn focused on elaborating details on possible areas of cooperation, including insurance, wealth management, digital technology and global business expansion.

“The meeting this time is meaningful as KB Financial Group and Sompo Holdings shared strategies on how they can work together on multiple businesses and increase customer satisfaction,” the Korean company said in a press release. “The two sides will remain faithful to each other to deepen cooperation on their respective to better serve clients.”

Concerning insurance, Yoon and Sakurada both addressed a need to cope with the rapidly aging population in Korea and Japan and make terms and conditions and other aspects of insurance policies easier for elderly subscribers to understand.

They also discussed using the KB Star Banking app to provide customized services in the banking and non-banking sectors.

Other topics addressed were using the Internet of Things to collect data necessary to better care for sick elderly patients, as well as sharing successful cases of localization in the other territories where they have advanced their businesses.