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

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.