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The Korea Life Insurance Association has tapped Kim Chul-ju, head of the Creditors' Coordination Committee, as its new chairman. An internal recommendation committee made the decision in a meeting held Friday. Kim, a graduate from the department of economics at Seoul National University, served as a public official at the Ministry of Economy and Finance. After working as an economist at the Asian Development Ban.
Korea s tax authority should offer more incentives for private pensions amid a rising poverty ratio amongst elderly people and a rapidly depleting national pension here, Korea Life Insurance Association (KLIA) Chairman Chung Hee-soo said in a press conference, Monday.
Insurance companies have set as this year s priority expanding their in-house digital-related units or seeking partnerships with fintech firms to increase their tech capabilities. This move is more salient among life insurance companies than their non-life peers, so as not to lag behind the more tech-savvy financial sector. KB Life, which started anew from January this year after consolidating its systems with Prudential Life, which the company acquired in 2020, said it has launched a new Digital Transformation (DT) headquarters.