Innovation Ambassadors: Empowering customer's health with the CPI model with IRS system

April 16, 2024

In 2023, 84 projects from 24 entities around the world, shows  that innovation can be found everywhere at BNP Paribas Cardif! Learn more about how BNP Paribas Cardif Korea has created the Innovative CPI (Credit Protection Insurance) model with IRS (Insurance Risk Score) system allowing the empowerment of customer’s credit health. 

Introduce yourself briefly: country, division, main tasks, personal interests outside the company (e.g., leisure and hobbies)

I'm Ja kyoung KIM from South Korea serving in the Product development division at BNP Paribas Cardif Korea. My primary role involved planning products that consider not only customer needs but also the company’s direction, and managing the product development process, including product launches.

Outside of work, I find motivation in challenging myself to learn new things and gain fresh experiences every year. Last year, I learned to play tennis, discovering its difficulties mastering various techniques. This year, I’m taking my time to decide on the next challenge but planning to begin soon.
 

Tell us about your project: its main focus, what is about, how it came about, and what it will bring to BNP Paribas Cardif. 

We develop the new CPI model with an index called IRS (Insurance Risk Score), that segments mortality risk according to personal credit information and build a premium discount structure based on the index. 

The higher IRS is, the better the customer’s credit status is. 

This product empowers customers to improve their credit health and earn premium discounts, extending the original value of CPI. This first-of-its-kind product in Korea goes beyond traditional health-related factors, leveraging personal credit information to offer premium discounts. This unique approach earned recognition for its originality from Korean Life Insurance Association. Since its launch, IRS based CPI sales have been leading the growth of our CPI business, showcasing its customer appeal. 

We also implement Credit Care Program that helps customers with their credit management needs by aligning with this new CPI model with IRS. This program offers educational resources and CSR initiatives to promote responsible credit management, particularly for financially vulnerable groups.

The new CPI model with IRS integrates credit management support, fostering a virtuous cycle that benefits our company, the industry, and society. This initiative is expected to differentiate our CPI in the market., enhance insurance risk management through big data, and contribute to a healthier credit management environment within society.   
 

What did you find most striking/surprising during this project (perhaps you have an anecdote to tell us)? 
 

The power of continuous innovation efforts became incredibly clear to me during this project. The previous Health Age project, the first product to adjust risk based on individual health data, served as a valuable stepping stone for this CPI model with IRS. Introducing the concept of utilizing big data with a product, we considered advanced products that can provide practical benefits to customers by applying more diversified methodology in product development and we finally develop new CPI model with IRS system more optimized to CPI intrinsic value. Moreover, Health Age project required extensive resources and communication due to its pioneering nature. However, this experience allowed us to establish smooth communication, leading to a much smoother launch for this CPI model. This highlights the importance of collaboration and continuous effort in driving innovation and ensuring a company’s long-term success.  
 

What advice would you give to employees who also want to innovate? 

In my view, I have 2 key suggestions to offer.

Firstly, it’s essential for everyone to collaborate towards a shared goal for innovation to thrive. Given the diversity of knowledge and experience among team members, differing opinions are inevitable, but ultimately, the best solutions can be achieved by working together towards a shared objective. 

Secondly, I recommend acknowledging and celebrating small success throughout a project’s journey, while also fostering a culture of encouragement. These little wins add up to big successes, and expressing gratitude for colleague’s efforts and celebrating these achievements can greatly enhance teamwork, which is crucial for reaching our goals together.
 

Hear from the team members of this project:
 

 “Winning 'Innovation Ambassador' with IRS CPI is just the beginning of our journey and we will continue to do our best to the pursuit of customer-centric solution.”

Jeong Hwan LEE

"We're honored to receive the 'Innovation Ambassador' award for IRS CPI, which bridges the gap between insurance and 
responsible credit management."

Eun Sil PARK

"Innovation is not a destination; it's a journey, and we're proud to be pioneers on that path with products like IRS CPI."

Min Woo LEE

“Innovation isn't just a buzzword for us; it's a driving force behind every product we create, and IRS CPI is a prime 
example of our innovative spirit. And, thanks to everyone involved for making this possible!”

Ja Kyoung KIM