Shin Chang-jae

Early Life

Shin Chang-jae was born in October 31, 1953. He is the son of Shin Yong-ho, who founded Kyobo Life Insurance Company in 1958. He attended Seoul Jungang Middle School and Gyeonggi High School before graduating from Seoul National University College of Medicine with a doctorate. Prior to his business career, he was trained as an infertility doctor and served as a professor at the Seoul National University Medical School.

Rise to Success

Shin never initially wanted to be a businessman. In 2000, he became the CEO of Kyobo Life Insurance. At the time, Kyobo was struggling in the wake of the Asian financial crisis. Shin transformed Kyobo into the third-largest life insurer in South Korea by total assets. He focused on customer satisfaction and risk control to turn the company around. His management style has been described as ethical, people-first, and focused on stakeholder relationship management.

Key Business Strategies

Shin has implemented several key strategies during his tenure at Kyobo Life. These include a focus on financial stability, risk management, and customer satisfaction. He has also emphasized the importance of innovation and digital transformation within the insurance business. Under his leadership, Kyobo Life has expanded its product offerings and distribution channels. Shin has also advocated for an “ambidextrous management” approach, generating profits from the life insurance business while cultivating future growth engines in areas such as MyData and healthcare services.

Philanthropy

Shin received the 19th Montblanc de la Culture Arts Patronage Award in 2010 for his support of Korean literature through the Daesan Foundation.