PARK, SOJUNG

Professor of Insurance, Risk Management


Professor Introduction

Sojung C. Park is an Associate Professor at the College of Business Administration, Seoul National University. She received her BA and MS degree in Industrial Engineering from Seoul National University and Ph.D. in Risk Management and Insurance from the Wharton School, University of Pennsylvania in 2009. Before joining Seoul National University, she worked at California State University, Fullerton. She published academic papers in Journal of Risk and Insurance, ASTIN Bulletin, Insurance: Mathematics and Economics, the Geneva Papers on Risk and Insurance - Issues and Practice, the Asia-Pacific Journal of Risk and Insurance. Her current research interests focus on the areas of auto insurance risk, bonus-malus system, risk management in insurance industry, insurance company rating and market discipline, and InsurTech.

Education & Experiences

[Education]
2004-2009 The Wharton School, University of Pennsylvania, Philadelphia, PA
Ph.D. in Insurance and Risk Management
2002-2004 Seoul National University, Seoul, Korea
Master of Science in Industrial Engineering, Minor in Financial Engineering
1998-2002 Seoul National University, Seoul, Korea
Bachelor of Science in Industrial Engineering, Summa Cum Laude

[Academic Appointments]
September 2014 - present: Associate Professor, Seoul National University
August 2012 - August 2014: Assistant Professor, Seoul National University
August 2009 - July 2012: Assistant Professor, California State University, Fullerton

Publications

[Publications]
[1] Park, C. Sojung*, Jean Lemaire, and Choong Tze Chua, 2010, “Is the Design of Bonus-Malus Systems Influenced by Insurance Maturity or National Culture?”, The Geneva Papers on Risk and Insurance - Issues and Practice 35: S7-S27: Leading paper. https://doi.org/10.1057/gpp.2010.37

[2] Park, C. Sojung* and Jean Lemaire, 2011, “Culture matters: Long-Term Orientation and Life Insurance Demand” Asian Pacific Journal of Risk and Insurance 5(2): Article 1 Leading paper. https://doi.org/10.2202/2153-3792.1105

[3] Park, C. Sojung* and Jean Lemaire, 2012, "The Impact of Culture on the Demand for Non-Life Insurance", ASTIN Bulletin (The Journal of the International Actuarial Association) 42(2): 501-527. https://doi.org/10.2143/AST.42.2.2182806

[4] Park, C. Sojung* and Tokutsune Yasuyuki. 2013, “Do Japanese Policyholders Care About Insurers’ Credit Quality?”, The Geneva Papers on Risk and Insurance - Issues and Practice 38(1): 1-21. https://doi.org/10.1057/gpp.2012.32

[5] Moon, Jungbien* and Sojung C. Park, 2014, “Measuring the Costs and Benefits of CSR through Shareholder Value”, Journal of Knowledge Studies 12(1): 266-294. http://www.ifk.re.kr/html/sub03_01.asp

[6] Park, C. Sojung* and Xiaoying Xie, 2014, “Reinsurance and Systemic Risk: Reaction of Property-Casualty Insurers to Reinsurer Downgrading”, Journal of Risk and Insurance 81(3): 581-621. https://doi.org/10.1111/jori.12045

[7] Lemaire, Jean*, Sojung C. Park, and Kili Wang, 2015, “The Impact of Covariates on a Bonus-Malus System: An Application of Taylor’s Model”, European Actuarial Journal 5(1): 1-10. Leading paper. https://doi.org/10.1007/s13385-015-0107-6

[8] Nayoung Park and Sojung C. Park*, 2015, “Non-life Insurance Securitization and its Value Addition to Korean Capital Market”, 리스크관리연구 26(2): 63-114 [in Korean]. http://www.krms.org/html/sub03_01.asp

[9]HongJoo Jung, Chunhua Chen*, Sojung C. Park, Vincenzo Senatore, 2015, “Commuting Accidents in Workers Compensation in Italy and in China - Policy Implications for Korea - , “사회보장연구 31(4): 253-277 (in Korean). http://www.kssa.or.kr/JournalSearch/sub04_03.asp

[10] Park, C. Sojung*, Jean Lemaire, and Kili Wang, 2016, The Use of Annual Mileage as a Rating Variable, ASTIN Bulletin 46(1): 39-69. https://doi.org/10.1017/asb.2015.25

[11] Lemaire, Jean*, Sojung C. Park, and Kili Wang, 2016, “Further Comments on the Paper “Setting a BonusR11;Malus Scale in the Presence of Other Rating Factors” by Taylor”, European Actuarial Journal 6(2):495-499. https://doi.org/10.1007/s13385-016-0135-x

[12] Park, C. Sojung*, Xiaoying Xie, and Jean Lemaire, 2016, “The Opaqueness of Structured Bonds in Insurers’ Assets”, The Geneva Papers on Risk and Insurance - Issues and Practice 41(4): 650-676. https://doi.org/10.1057/s41288-016-0021-4

[13] Elliot Oblander*, Sojung C. Park, and Jean Lemaire, 2016, “The Cost of High Suicide Rates in Japan and Republic of Korea: Reduced Life Expectancies”, Asia-Pacific Population Journal 31(2): 21-44. https://doi.org/10.18356/6a8a7d7b-en

[14] Kim, Bum* and Sojung C. Park, 2016, "Are Insurance Mergers and Acquisitions Value-increasing Activities? : Evidence from ASEAN Countries", 리스크관리연구 27(3): 1-23. http://kiss.kstudy.com/thesis/thesis-view.asp?key=3468787

[15] Kim, Bum* and Sojung C. Park, 2016, "Mergers and Acquisitions in the U.S. Insurance Industry", 재무연구 29(4): 521-545. https://www.earticle.net/Article/A288720

[16] Park, C. Sojung* and Sangeun Han, 2017, "Externalities from Driving Luxury Cars", Risk Management and Insurance Review 20(3): 391-427. https://doi.org/10.1111/rmir.12085

[17] Park, C. Sojung*, 2018, Investors Overreaction to the Extreme Events: Evidence from the 9/11 Terrorism, Seoul Journal of Business 24(2): https://cba.snu.ac.kr/en/sjb-recent-issues

[18] Park, C. Sojung*, Xiaoying Xie, Pinghai Rui, 2018, “The Sensitivity of Reinsurance Demand to Counterparty Risks: Evidence from US Property-Liability Insurance Industry”, Journal of Risk and Insurance, forthcoming. https://doi.org/10.1111/jori.12244

[19] Jeong, Himchan, Emiliano Valdez*, Sojung C. Park, Jaeyun Ahn, 2018, “ Generalized Linear Mixed Models for Dependent Compound Risk Models”, Variance, forthcoming: https://www.variancejournal.org/articlespress/articles/Generalized_Linear_Mixed-Valdezetal.pdf

[20] Jae Youn Ahn*, Woojoo Lee, Sojung C. Park, 2018, “Investigating Dependence between Frequency and Severity via Simple Generalized Linear Models”, Journal of the Korean Statistical Society, forthcoming. https://doi.org/10.1016/j.jkss.2018.07.003

[21] Park, C. Sojung, 2018, “Discussion on the Introduction of Bonus-Malus System in Private Health Insurance for the Actuarial Equality”, 공정거래연구 3(3): 1-23 [in Korean]. http://www.rfe.or.kr/journal/3/3/21

[22] Park, C. Sojung, Joseph H.T. Kim, Jae Youn Ahn*, 2018, “Does Hunger for Bonuses Drive the Dependence between Claim Frequency and Severity?”, Insurance: Mathematics and Economics 83: 32-46. https://doi.org/10.1016/j.insmatheco.2018.09.002

[23] Sekyung Oh*, Changsu Ouh, Sojung C. Park, Siyeol Choi, and Kinam Park,2018, A Study on the Estimation of the Discount Rate for the Insurance Liability under IFRS 17, 보험금융연구 29(3): 47-76. [in Korean] http://www.kiri.or.kr/pdf/전문자료/KIRI_20180913_115240.pdf

*: corresponding author

[Other Publications and Media Coverage]

MEDIA COVERAGES AND OTHER PUBLICATIONS

[1] A Strange Auto Insurance Bonus-Malus System in Korea , Feb. 7, 2014, MK news. http://vip.mk.co.kr/news/view/21/20/1112918.html

[2] Understanding a Bonus-Malus System reform with a focus of adverse selection and moral hazard, Feb. 2. 24, 2014, NH weekly review

[3] Changes in Korean Auto Insurance Bonus Malus System, Sep, 2014, General Insurance 550: 7-11. https://www.knia.or.kr/data/publish/publish01/

[4] Externalities of Luxurious Foreign cars and Insurance, May, 2015, General Insurance 558: 6-13. https://www.knia.or.kr/data/publish/publish01/

[5] Auto Insurance Rate Regulation in US, Sep, 2016, General Insurance 574: 30-39. https://www.knia.or.kr/data/publish/publish01/

[6] InsurTech Innovation: the Current and the Future, Nov, 2017, Korean Insurance Research Institute. http://www.kiri.or.kr/pdf/%EC%A0%84%EB%AC%B8%EC%9E%90%EB%A3%8C/KIRI_20171102_16266.pdf


[7] Digital Channel and Product Innovation, Life Insurance Monthly 474, Aug. 2018 http://www.klia.or.kr/board/boardList.do?bCd=14&schContent=3&searchCd=S&srchCondition2=8&srchCondition1=2018&srchCondition2_view=8

[8] Understanding P2P Insurance, Life Insurance Monthly 475, Sep. 2018 http://www.klia.or.kr/board/boardList.do?bCd=14&schContent=3&searchCd=S&srchCondition2=9&srchCondition1=2018&srchCondition2_view=9

[9] Blockchain Technology and Insurance Industry, Life Insurance Monthly 476, Oct. 2018
http://www.klia.or.kr/board/boardList.do?bCd=14&schContent=3&searchCd=S&srchCondition2=10&srchCondition1=2018&srchCondition2_view=10

[10] No Reason Not to Go For Smart Claim Process Oct.21, 2018, HanKyung News, http://news.hankyung.com/article/2018082132871

[12] The Impact of InsurTech on Insurance Value Chain
* Korean Version: 2017, the Risk 4(4): 12-22.
* English Version: 3028, the Risk Special Edition: 13-24.
http://koreanre.co.kr/sub.asp?maincode=505&sub_sequence=526&sub_sub_sequence=&exec=list&strBoardID=kui_526

[13] IoT Devices and Insurance, 2019, Risk Prevention and Insurance 171: 24-29. https://www.kfpa.or.kr/business/bu_06_03.asp

RESEARCH PAPER PRESENTATIONS at CONFERENCES AND RESEARCH SEMINARS

2008 FMA (Financial Management Association) annual conference,
California State University, Fullerton

2009 ARIA (American Risk and Insurance Association) annual conference,
FMA annual conference

2010 FMA annual conference,
NBER (National Bureau of Economic Research) Catastrophic risk and insurance group meeting,
WRIEC (World Risk and Insurance Economics Congress) conference (2x)

2011 Insurance Seminar at Temple University,
Risk Theory Society annual meeting,
ARIA annual conference,
Convergence, Interconnectedness, and Crisis: Insurance and Banking Conference

2012 ASSA/ARIA annual conference,
APRIA annual conference (3x),
ARIA annual conference,
Luncheon seminar at Seoul National University,
Korea Management Engineers Society annual conference,
Finance Seminar at KAIST,
Financial Economics Research Center seminar at Seoul National University

2013 WRIA (Western Risk and Insurance Association) annual conference,
APRIA annual conference

2014 Korean Insurance Association bi-annual meeting,
Korean Risk Management Association bi-annual meeting,
Risk forum seminar at Korean Insurance Research Institution (KIRI),
Korean Financial Engineering Society Annual Meeting,
Financial Engineering and Banking Society Annual meeting

2015 Korea Risk Management Society bi-annual conference,
IRFRC(Insurance Risk and Finance Research Centre) annual conference,
WRIEC conference (3x),
Statistics department seminar at Ehwa Woman’s University,
Finance department seminar at Korea University,
IAFICO(International Academy of Financial Consumers) annual conference

2016 WRIA annual conference,
East Asia Risk Management and Insurance Conference,
UNIST finance seminar,
IRFRC annual conference,
IAFICO annual conference,
Financial Economics Research Center seminar at Seoul National University

2017 APRIA annual conference,
IRFRC annual conference,
Korea Risk Management Society bi-annual conference,
IAFICO annual conference

2018 APRIA annual conference,
IAFICO annual conference,
Korea Risk Management Society bi-annual conference,
Financial Economics Research Center seminar at Seoul National University

OTHER INVITED TALKS

[1] Samsung Scholarship 2010 Academic Camp Alumni Talk, Yosemite, CA, August 2010

[2] Earthquake and Insurance, Jim Gutmann Speaker Series, MCBE, Cal State, Fullerton, March, 2011

[3] Catastrophic Risk and Insurance, Global Catastrophe Risk Forum, MCBE, Cal State, Fullerton, May, 2011

[4] Luncheon Seminar at College of Business Administration, Seoul National University, September 2012

[5] Speaker at policy reform presentation at the Korean Auto insurance Bonus-Malus System(BMS) Reform Policy Reform public hearing co-hosted by Korean Insurance Development Institution, Financial Supervisory Service, congressman Min, Byungdu, National Assembly Library, Feb., 2014 [Media coverages: http://sbscnbc.sbs.co.kr/read.jsp?pmArticleId=10000634738]

[6] GARP (Global Association of Risk Professionals) Korean Chapter inception meeting keynote speaker, July, 2014

[7] Speaker at systemic risk seminar, Bank of Korea, Nov, 2015

[8] Panel discussant at the policy reform public hearing on reform of private health insurance policy, Nov, 2016 [Media coverages: http://www.hankookilbo.com/News/Read/201611282093456096]

[9] Speaker at the Korean Auto insurance Bonus-Malus System(BMS) Reform Policy Reform public hearing co-hosted by Korean Insurance Development Institution, Financial Supervisory Service, Feb, 2017 [Media coverages: ]

[10] Speaker at the global seminar on Insurtech, the future of insurance, co-hosted by Korean Insurance Research Institute and Korean Life Insurance Association, June, 2017 [Media coverages:
http://www.e-conomy.co.kr/news/articleView.html?idxno=20865]

[11] Speaker at the Seminar of Ministry of Government Legislation, “InsurTech and the Future of Insurance”, Aug. 10th , 2017.

[12] Panel discussant at the policy reform public hearing on new health care system R11; Moon Jae In Care, co-hosted by congressman Kim, SangHee and congressman Lee, Hak Young,Sep, 2017 [Media coverages: http://www.insnews.co.kr/m/news_view.php?firstsec=1&secondsec=11&num=51942]

[13] Guest Speaker at the 4 th academic conference of the Institute of Actuaries of Korea, “InsurTech and the Future of Insurance”, Sep 22, 2017 th

[14] Speaker at the seminar on the future of insurance, co-hosted by Korean Insurance and Risk Management Society and Korean Fire Insurance Association, Oct, 2017 [Media coverages: http://www.safekoreanews.com/27198]

[15] Speaker at the SNU Industrial Engineering Department Weekly Seminar, “InsurTech and the Future of Insurance”, Mar. 30th , 2018.

[16] Keynote Speaker at Korean Re Reinsurance Management Seminar, “InsurTech and the Future of Insurance”, May. 17th, 2018.

[17] Keynote Speaker at 18th Asian Reinsurers’ Summit, “InsurTech and the Future of Insurance”, Oct. 18th, 2018.

[18] Speaker at the seminar on Catastrophic risk and safety management, co-hosted by Korean Risk Management Society and Korean Fire Insurance Association, Oct, 2018 [Media coverages: http://www.insnews.co.kr/m/news_view.php?firstsec=1&secondsec=13&num=55994]

[19] Speaker and Discussant at the Seminar on Issues on IFRS 17 Implementation, hosted by Korean Life Insurance Association, Nov. 19th , 2018.

[20] Speaker at the Seminar of Research Center for Market and Government, SNU, “Understanding IFRS 17”, Dec. 11th , 2018.

HONORS AND AWARDS

[1] 1996 Scholarship of Honor, Samsung Techwin
[2] 1998-03 Seoul National University Scholarship of Honor
[3] 2004 Graduate Fellowship, Korean Science and Engineering Foundation
[4] 2004-08 Samsung Scholarship Foundation Graduate Study Abroad Scholarship
[5] 2004-09 Doctoral Fellowship, The Wharton School, University of Pennsylvania
[6] 2008-09 Bradley Foundation Fellowship
[7] 2010 Probationary Faculty Stipend from President of CSUF
[8] 2010 Hagen Foundation Travel Award for WREIC conference
[9] 2011 Dean’s Research Award, Mihalyo College of Business and Economics, CSUF
[10] 2011 GCAT research award, Center for Insurance Studies, MCBE, CSUF
[11] 2015 Best teaching award, College of Business School, SNU
[12] 2015 APRIA(Asia Pacific Risk and Insurance Association) Best paper award
[13] 2017 Outstanding Volunteer Service, Kwanak Gu, Seoul
[14] 2018 Outstanding Volunteer Service, Kwanak Gu, Seoul


[OTHER ACTIVITIES]

[1] 2009-2011 Advisor for Beta Gamma chapter of Gamma Iota Sigma, the Insurance Student Association
[2] 2010-2011 Cal State, Fullerton Insurance Scholarship Committee (2010 R11; 2011)
[3] 2014-2015 Bonus-Malus System reform project R11; Financial Supervisory Service
[4] 2014- Present Asset Management Committee, Postal Savings and Insurance
[5] 2014- Present Associate Editor, Journal of Insurance and Finance
[6] 2015-2018 Financial Supervisory Service Insurance Advisory Board Member
[7] 2015-2016 Board Member, Korean Insurance Academic Society
[8] 2015- Present Executive Board Member, Korean Risk Management Society
[9] 2015-2016 Chief Associate Editor, Journal of Risk Management
[10] 2015- Present Associate Editor, Journal of Risk Management
[11] 2015 - Present Associate Editor, Korean Journal of Financial Studies
[12] 2015 Management Evaluating Committee Member for the Affiliated Organizations of Ministry of Interior and Safety
[13] 2015- Present Executive Board Member, the International Academy of Financial Consumers(IAFICO)
[14] 2016- Present Local Finance Association Advisory Board Member
[15] 2016- Present Associate Editor, Korean Teachers Pension Research
[16] 2017-2018 Manager of SNU Business School Case Center
[17] 2017- Present Executive Board Member, Korean Insurance Academic Society
[18] 2017- Present Associate Editor, Korean Insurance Journal
[19] 2017-2018 Selecting Committee Member of Contribution to SNU Award
[20] May. 2018 Advisory meeting for Korea Scientist and Engineering Mutual-aid Association hosted by Ministry of Science and ICT
[21] 2018- Present Financial Supervisory Service Contribution Allocation Committee Member, Financial Services Commission
[22] 2018- Present Research Evaluation Board Member, Korea Workers’ Compensation and Welfare Service Labor Welfare Research Institute
[23] 2018- Present Advisory Board Member, Korean Insurance Development Institute
[24] Jan. 2019 Judge, Hackathon hosted by Korea Post and SNU Big Data Institute
[25] Feb. 2019 Management Evaluating Committee Member for Local Finance Association
[26] 2019 - New Insurance Product Evaluation Committee Member, Korean Life Insurance Association
[27] 2019-2021 Vice Coordinator for SNU Business School Executive MBA Program