Pioneer of world first education insurance commemorated

Shin Yong-ho, left, the founder of Kyobo Life, receives the Founders' Award from the International Insurance Society (IIS) in this 1983 file photo, becoming the first Korean to be honored with this award. Courtesy of Kyobo Life

By Lee Yeon-woo

Shin Yong-ho, the founder of Kyobo Life and the innovator behind the world's first education insurance, was commemorated on the 20th anniversary of his passing.

Kyobo Life reported that a memorial ceremony was held at its headquarters on Sept. 1. The event was attended by a total of 300 participants including notable figures from academia, the cultural sector and company employees. Throughout September, various side events, including memorial exhibitions and reading campaigns, will be held in his honor.

“He was an entrepreneur who melded insurance with education, reflecting his deep love for the nation and its people. He was also an education leader who was committed to advancing national education,” the Daesan Shin Yong-ho Memorial Society noted during the ceremony. “His respect for individuals has become a cornerstone of Kyobo Life's philosophy.”

Shin is remembered as a pioneering entrepreneur who significantly influenced the Korean economy during the 20th century, a time during which the country faced many challenges including recovering from the devastations of the Korean War. Recognizing the immense potential of Korean youth, he viewed education as the key to the nation's future.

After founding Kyobo Life in 1958, he introduced education insurance. This innovative insurance made it possible for impoverished families to send their children to college by saving just a small amount of money each month ― equivalent to the cost of a pack of cigarettes. Over 30 years, thanks to the insurance, more than 3 million students got their tuition and other expenses funded.

His efforts in introducing various insurance products played a pivotal role in elevating the Korean insurance market to the seventh largest in the world.

In 1981, Shin also established Kyobo Book Centre, which became Korea's largest bookstore chain.

He passed away in 2003 at the age of 86.

In recognition of his contributions, Shin received the Founders' Award from the International Insurance Society (IIS) in 1983, becoming the first Korean to be honored with this award. Additionally, in 1996, he was inducted into the Insurance Hall of Fame.

To honor his legacy, Kyobo Book Centre's Gwanghwamun branch in Seoul is hosting a memorial exhibition until Sept. 30. Starting from Friday, the bookstore will also host various programs in his honor.

Shin Chang-jae, CEO of Kyobo Life and the son of Shin Yong-ho, tours an exhibition commemorating his father's legacy at Kyobo Book Centre's Gwanghwamun branch in Seoul, Sept. 1. Courtesy of Kyobo Life