Kyobo Life Insurance will hold an event to commemorate the 10th anniversary of the insurance firm’s founder Shin Yong-ho’s death; known by his penname Daesan, Shin was a pioneer in the local insurance industry by creating the world’s first ‘education insurance policy”

2013-09-03 17:50

Kyobo to commemorate founder

By Kim Tae-jong

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The late Kyobo Life Insurance founder Shin Yong-ho, left, receives the Founders’ Award from the International Insurance Society in this file photo taken on June 27 in 1983

Kyobo Life Insurance will hold an event tonight to commemorate the 10th anniversary of the insurance firm’s founder Shin Yong-ho’s death at the Sejong Center for the Performing Arts in downtown Seoul, the company said Tuesday.
Also known by his penname Daesan, he was a legendary figure in the local insurance industry and devoted himself to the promotion of education here after the Korean War.
The event, which takes place between 6 p.m. and 8:30 p.m., consists of a photo exhibition, a commemoration ceremony and several performances. Distinguished guests will be in attendance, including International Insurance Society (IIS) CEO Michael Morrissey, Korean Poets Association Chairwoman Shin Dal-ja and ex-president of Sejong University, Yang Seung-kyu as well as other officials from the insurance industry.Before the event, an insurance symposium organized by the Korean Insurance Academic Society will be held at 2 p.m. at the KT Olleh Square in Gwanghwamun, central Seoul, to discuss the Korean Insurance Industry and Shin Yong-ho’s legacy.  About 300 students, officials from the industry and professors are expected to participate.
“He was a pioneer in the local insurance industry by creating the world’s first ‘educational insurance policy’” Kyunghee University professor Lee Bong-ju said. “He significantly contributed to the education of people and to the rapid development of Korea’s economy.”
He founded Daehan Kyoyuk Insurance Company, the previous name of Kyobo Life Insurance, in 1958, when the nation was recovering from the ravages of the Korean War.
He decided to promote education in the belief that it was the only way to rebuild the nation’s economy, and he created the world’s first “educational insurance policy” by combining life insurance principles with youth education.
The policy provided about 3 million students with scholarship for 30 years after its launch, and they became the main force to lead the explosive economic growth, often dubbed the “Miracle of the Han River.”
The insurance company became a leading corporate giant within nine years of its founding, also contributing to the development of the local insurance industry into the eighth largest in the world.
He also continued to devote himself to education. He founded the Kyobo Book Center in 1981, which was the largest in the world at that time, aimed at promoting reading.
His passion and achievements was also acknowledged in the global insurance industry.
He received the Founders’ Award from IIS in 1983, becoming the first Korean winner of the honor and was also elected as a laureate of the Insurance Hall of Fame in 1996. IIS also created the ”Shin Research Excellence Award” in 1997 to honor outstanding researchers in the insurance industry.

About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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