Hanwha's Kim Dong-won leads digitization at life insurance unit

By Kim Bo-eun

Hanwha Life's Chief Digital Strategy Officer Kim Dong-won

Hanwha Life Insurance has conducted a digital-centered organizational overhaul under the leadership of Hanwha Group Chairman Kim Seung-youn's second son, Kim Dong-won. The junior Kim is the chief digital strategy officer (CDSO) of Hanwha Life.

The reorganization is seen as a means to secure competitiveness in the digital era, and as a life insurer to better adapt to circumstances of the industry.

Hanwha said it now has 15 divisions and 65 teams, up from 13 divisions and 50 teams. Nine of the 15 teams have been tasked with digitization and new projects. These include divisions on technology strategy and big data. Among the 65 teams, 39 are dedicated to digitization.

Among 56 executives at the insurer, 22 of them are in charge of digitization or new projects. Those allocated with such tasks are aged 45 on average, which compares with the average age of 53 years for Hanwha Life's executives.

Insurance has been one of the most conservative sectors in the finance industry.

Hanwha said it has allowed the most competent individuals to take on the role of project leaders, regardless of how long they have worked for the company. Executives can also become a member of a team project when deemed necessary.

This is an effort to become more competent and agile in a changing environment, where the shift toward contactless services is accelerating amid the COVID-19 pandemic, the insurer said.

It is also a response to the era of zero percent interest rates and greater volatility in the global financial market, as well local market circumstances. The insurance market has become saturated, large-scale general agencies are growing and players in the ICT sector are entering the finance sector.

As part of efforts to become more agile, Hanwha adopted the goal management framework of Objectives and Key Results (OKR) used by Google. Formerly Hanwha managed achievements on an annual basis and a department basis. OKR's cycle is much shorter, with assessments taking place every month or quarter for projects.

"Kim as the CDSO played a leading role in the reorganization," a Hanwha Life official said. "A greater focus on digitization also means that Kim's role has grown."

Kim has led Hanwha's digital strategies as the CDSO since August last year.