[디지털보험 현주소]④ 교보라플, 외형 줄어도 CSM 확대…보장성 무게

Kyobo Life Planet demonstrates a critical strategic shift for digital insurers: despite 25.5% asset decline from maturing savings products, the company increased CSM (Contract Service Margin) by 18.1% by pivoting to protection insurance like health and life coverage. This case illustrates that digital-first insurers with limited distribution networks achieve sustainable profitability through margin quality and product mix optimization rather than asset expansion, reshaping how fintech insurers measure success.