Kyobo Life chief says data can overcome uncertain future

Shin Chang-jae, chairman and CEO of South Korea's Kyobo Life Insurance, has urged the overcoming of the economic crisis based on leadership of VUCA, an acronym denoting an uncertain future by combining the first letters of the terms "volatility," "uncertainty," "complexity" and "ambiguity."

VUCA leadership focuses on strategic goals amid an extremely volatile environment and higher understanding of the business climate when faced with uncertainty.

Shin said this on Friday at Kyobo Life's company-wide management strategy meeting for launching 2023 at the company's human resource training center Gyeseongwon in Cheonan, South Chuncheong Province. "Our economy this year is expected to see a triple slump in consumption, investment and exports," he said. "We must prepare for a variety of (crisis) scenarios by assuming certain domestic and foreign situations and timely responding based on real situations."

The CEO emphasized stronger marketing through data and open innovation. "Data-driven decision-making should be imbedded in an organization's basic culture," he said. "To avoid falling behind in competition with big tech and others, we must cooperate with external partners, quickly solve insurance problems and bolster open innovation that confirms the potential of new business areas."

Write to In-Hyeok Lee at twopeople@hankyung.com