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| KB Financial Group Chairman Yoon Jong-kyoo, second from left, stands next to KB Life Insurance CEO Lee Hwan-joo, third from left, during an inaugural ceremony held at the KB Life Tower in southern Seoul, Monday. Courtesy of KB Life Insurance |
By Anna J. Park
Insurance companies have set as this year's priority expanding their in-house digital-related units or seeking partnerships with fintech firms to increase their tech capabilities. This move is more salient among life insurance companies than their non-life peers, so as not to lag behind the more tech-savvy financial sector.
KB Life, which started anew from January this year after consolidating its systems with Prudential Life, which the company acquired in 2020, said it has launched a new Digital Transformation (DT) headquarters. The new unit is in charge of developing data-based digital business models and a data governance system, which will strengthen the company's financial platform usage.
The insurer said it aims to transform the company's structure into a more agile and dynamic one to provide differentiated and innovative products and services.
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| Shinhan Life's new CEO, Lee Young-jong, speaks during his inaugural ceremony held at the firm's headquarters in central Seoul, Tuesday. Courtesy of Shinhan Life |
Shinhan Life has newly launched the Digital Experience (DX) group to maximize its information tech and digital competitiveness. The unit consolidates the former Information and Communications Technology (ICT) group and Digital Innovation (DI) group, and will produce united, efficient digital strategies for the firm.
The company's official explains that the insurer plans to focus on strengthening digitalization and customer support, aiming to provide new values and experiences.
Kyobo Life also created a data strategy team in December last year, where the insurance company's new business models and strategies will be developed. The team expects to devise sustainable new business models, utilizing customer big data.
What is noteworthy is that Shin Jung-ha, who is the eldest son of Kyobo Life Chairman Shin Chang-jae, has been leading the digital strategy team from December last year. A graduate of NYU with an MBA from Columbia University, he worked at Credit Suisse's Seoul branch, and led a digital innovation team at Kyobo Information and Communication, a subsidiary of Kyobo Life in 2021.
"We will seek deregulation for digital innovation in whole sectors of the insurance industry this year, from product development and sales to underwriting and insurance payment," Korea Life Insurance Association Chairman Chung Hee-soo said in his New Year's speech.
As opposed to life insurance companies' rush to develop digital-based business models and strategies, most non-life insurance companies in Korea have already been equipped with sizable digital units from a few years ago to operate considerable procedures of businesses through mobile applications.
Thus, their focus this year is to strengthen profitability through digital units. Hyundai Marine & Fire Insurance, which already launched its digital department in 2019, has opened up a new growth department from this year, which will be devoted to investing in insurtech. Insurtech refers to technological innovations to improve the efficiency of the insurance sector.
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