Hanwha and Kyobo Put AI at the Core as Third-Generation Leaders Step In
Korea's second- and third-largest life insurers are shifting leadership while making AI a central operating thesis. Hanwha Life and Kyobo Life are building group-level digital engines, setting up the next decade of growth, governance clarity, and cross-border reach.
Hanwha: AI build-out plus global deals solidify the heir's mandate
Kim Dong-won, 40, president and chief global officer at Hanwha Life, is moving from digital strategist to group-level operator. Since joining in 2014 and becoming president in 2023, he has pushed AI from pilot projects to an organizational pillar, creating a dedicated AI Division and expanding research ties, including abroad.
Hanwha paired that with bold overseas moves. This year, the group acquired Indonesia's Nobu Bank and US brokerage Velocity Clearing-a first for a Korean insurer buying a foreign bank and a direct entry into US securities trading.
The insurer is effectively the financial control center: it owns a majority of Hanwha General Insurance and 100% of Hanwha Asset Management, which in turn controls Hanwha Investment & Securities. That structure places Kim at the center of financial governance and execution.
His recent appearance at Abu Dhabi Finance Week signaled a higher public profile as succession planning accelerates. Industry watchers expect deeper expansion in Indonesia and potential moves toward a local financial holding setup, though Hanwha says there has been no formal request from regulators.
Kyobo: AI execution becomes the test for the next leader
Shin Joong-ha, 44, eldest son of Chair Shin Chang-jae, now oversees corporate management strategy and the group's AI transformation program, known locally as AX. The move formalizes his track record across digital, data, and Kyobo's IT affiliate (Kyobo DTS) into a group-wide mandate.
The new AX organization sits within Kyobo Life but drives adoption across affiliates where the insurer holds control. With growth slowing in traditional life products and competition rising from nonbank players, AI has become the proving ground for leadership-less about slide decks, more about enterprise rollout and measurable outcomes.
Kyobo's digital push reaches beyond insurance, including participation in Circle's testnet of the Arc blockchain network-the only Korean insurer in the cohort. See Circle's announcement for context: Arc testnet.
Ownership dynamics are also shifting. Regulators approved Japan's SBI Holdings as Kyobo Life's second-largest shareholder with a 20% stake. Combined with Chair Shin's holdings, that gives the two parties effective control and could speed preparation for a financial holding model as early as next year.
Why this matters for executives
- Make AI an operating system, not a side project. Hanwha and Kyobo are centralizing AI mandates with clear leadership and budget-then pushing execution across affiliates.
- Pair tech bets with strategic M&A. Hanwha's deals show how to add capabilities and market access fast, while reinforcing the group's financial core.
- Treat data as infrastructure. Group-level AX only works with shared data models, unified platforms, and incentives that reward reuse over reinvention.
- Build for regulatory readiness. If you span multiple financial sectors or markets, prepare for holding-company structures and jurisdiction-specific playbooks early.
- Earn the mandate in public. Select appearances-like global finance forums-signal credibility to partners, regulators, and talent without distracting from delivery.
Bottom line: Both insurers are using AI as the centerpiece of succession and strategy. The real test is group-wide execution-shipping models into underwriting, distribution, service, and risk, then proving lift in combined ratio, persistency, and time-to-launch.
For leaders building similar programs, here's a curated starting point for practical adoption: AI tools for finance.
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