Sustainability Management through Corporate Social Responsibility Activities in the Life Insurance Industry: Lessons from the Success Story of Kyobo Life Insurance in Korea

Abstract

The current reality is that Korean insurance companies primarily focus on simplistic social contribution activities, such as making donations, rather than attaining sustainable management practices. So based on the case study methodology, this study examines the CSR activities of Kyobo Life Insurance for sustainable management and investigates how corporate values are aligned with the nature of the industry. The research analyzes Kyobo Life Insurance’s CSR initiatives across three dimensions: environmental, social, and economic, with a focus on sustainable management. The analysis identifies three distinct CSR characteristics of Kyobo Life Insurance. Firstly, the company demonstrates more active engagement in social initiatives compared to the environmental and economic aspects. Secondly, while prioritizing sustainable management through collaborative efforts with major stakeholders, the company exhibits a relatively greater emphasis on CSR activities targeting internal stakeholders. Lastly, since 2011, the company has been an industry leader in annually publishing sustainable management reports, showcasing its commitment to stakeholder communication and co-prosperity. The study suggests that life insurance companies should enhance their CSR activities to ensure greater sustainability and effectiveness while also providing guidance for companies to adapt to evolving industrial landscapes.