Kyobo Life chief wins ethical management award at Geneve Entrepreneurship Forum

Kyobo Life Insurance Chairman and CEO Shin Chang-jae

Kyobo Life Insurance Chairman and CEO Shin Chang-jae received an international award for his more than 20 years of ethical management, the insurer announced Monday.

Shin received the Global Ethics & Stakeholder Commitment Award at the 2024 Geneve Entrepreneurship Forum held at the Geneva headquarters of the International Labour Organization (ILO), June 27.

Organized by international organizations such as the International Council for Small Business (ICSB), the ILO, the U.N. Conference on Trade and Development and the International Trade Centre, the forum recognizes global entrepreneurs who pursue social justice, which the ILO has named a new priority, through ethical and stakeholder-centered operations. Shin was selected as the inaugural winner after an evaluation of candidates recommended from various countries.

Winslow Sargeant, head of the judging panel who previously served as chair of the ICSB board, called Shin a pioneer in stakeholder-centered management. He pointed out that Shin has led Kyobo Life Insurance with a global standard of ethical management philosophy over the past 24 years, thereby achieving co-development among customers, insurance agents, employees, shareholders, local communities and governments alike.

Shin said that he came to focus on ethical management as he started pushing for customer-oriented management since becoming head of the insurer in 2000. He said there is still more to achieve, stressing that ethical management should go beyond mere compliance with laws and regulations to benefit all stakeholders, ultimately leading to bigger success.

The Kyobo chairman has a unique background, transforming from a medical school professor assisting in births to CEO of an insurance company. He took over the control tower of the insurer in 2000 when it was suffering from the aftermath of the Asian financial crisis and improper business practices in the industry. He launched an ethical charter as the starting point for ethical management.

His commitment to ethical management has garnered high praise from government agencies and industry leaders, as well as from overseas, including being named Insurance Hall of Fame Laureate in 2023 for his contributions to the global insurance industry.