Shin Chang-jae, chairman and CEO of Kyobo Life Insurance, has been named this year's Insurance Hall of Fame Laureate by the International Insurance Society (IIS).
The accolade, which is amongst the highest in the global insurance sector, was formally bestowed upon Shin at the Global Insurance Forum's gala event on October 6 at the Hilton Singapore Orchard.
This recognition positions Shin as the inaugural second-generation recipient within the 66-year history of the society, following in the footsteps of his father, Shin Yong-ho, the founder of Kyobo Life, who was similarly honoured in 1996.
It is also worth noting that 2023 marks the 20th anniversary of the passi of Shin Yong-ho, who is celebrated as the creator of the world’s first education insurance scheme.
In his acceptance speech, Shin reflected on his journey, particularly the path set upon him by his late father.
“I left my medical school professorship and joined Kyobo Life in 1996, a company founded by my late father. I have inherited and followed in his footsteps, which has led to this honour. I owe him for the guidance that has brought me here,” Shin said during his acceptance speech, according to The Korea Times.
“All my life, I have fully committed myself to the life insurance industry. It has been a fulfilling journey, and I am proud to walk this path. This is because life insurance is the most beautiful social system in the world where people extend their spirit of love to help those in difficult times,” he said.
The Insurance Hall of Fame has been recognising industry visionaries since 1957, celebrating those whose contributions have notably advanced the field through innovation. Nominees are proposed by IIS members and are rigorously evaluated by the IIS Executive Council. The accolade ensures that the contributions and management philosophies of the honourees are permanently documented and remembered within the Hall of Fame.
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