Kyobo Life commemorates education insurance pioneer

Kyobo Life commemorates education insurance pioneer | Insurance Business Asia

Insurance News

This year marked the 20th anniversary of his passing

Insurance News

By
Kenneth Araullo

The 20th anniversary of the passing of Shin Yong-ho, the founder of Kyobo Life and the creator of the world’s first education insurance, was commemorated with a special ceremony.

The Korean life insurer announced that a memorial service took place at its headquarters on September 1. This event saw the participation of 300 attendees, including prominent figures from academia, the cultural sector, and company employees. Throughout the month of September, a series of commemorative events, including exhibitions and reading campaigns, will also be conducted in his honour.

According to a Korea Times report, Shin is remembered as a pioneering entrepreneur who left an indelible mark on the Korean economy during the 20th century, a period marked by numerous challenges, including post-Korean War recovery. Recognizing the immense potential of Korean youth, he believed that education held the key to the nation’s future.

“He was an entrepreneur who melded insurance with education, reflecting his deep love for the nation and its people. He was also an education leader who was committed to advancing national education,” the Daesan Shin Yong-ho Memorial Society said. “His respect for individuals has become a cornerstone of Kyobo Life’s philosophy.”

In 1958, he founded Kyobo Life and later introduced education insurance, a groundbreaking concept that enabled underprivileged families to afford higher education by saving a modest amount each month. Over three decades, the insurance program provided financial support for over three million students to cover their tuition and other educational expenses.

Shin’s introduction of various insurance products played a pivotal role in propelling the Korean insurance market to become the seventh largest in the world. He passed away in 2003 at the age of 86.

In recognition of his exceptional contributions, Shin received the Founders’ Award from the International Insurance Society (IIS) in 1983, making him the first Korean to receive this accolade. Moreover, in 1996, he was inducted into the Insurance Hall of Fame.

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