"Uniform but Different": Increasingly Similar Incentives for Non-Life Insurance GA Planners

Recently, the incentive schemes for GA planners from non-life insurance companies have become increasingly similar

Recently, the incentive schemes for GA planners from non-life insurance companies have become increasingly similar. Reflecting the financial authorities' restraint on excessive incentive competition, there has been little change in the total incentive amounts, but next-month incentive rates have significantly increased. In this blog post, we will examine the current incentive schemes for GA planners at major non-life insurance companies and their impact on the industry.

Samsung Fire & Marine Insurance: Next-month maximum 280%, total incentive rate up to 1350%

Samsung Fire & Marine Insurance offers a 100% cash incentive for long-term insurance premiums paid in the next month. GA planners receive an additional 180% incentive the following month. To encourage early activation, planners can receive up to 300% cash incentives for maintaining activity from August 1 to 11, confirmed in the 13th month. Various special incentives are also in place for August.

Meritz Fire & Marine Insurance: Next-month maximum 200%, total incentive rate up to 1600%

Meritz Fire & Marine Insurance offers a 100% cash incentive for long-term insurance premiums paid in the next month. Additional incentives of 100% are paid to GA planners the following month. For the second year, additional incentives for long-term insurance from August 1 to 11 can reach up to 150 million won, paid in cash upon confirmation in the 13th month.

DB Insurance: Next-month maximum 220%, total incentive rate up to 1350%

DB Insurance offers a 150% cash incentive for long-term insurance premiums paid in the next month, compared to the beginning of the month. GA planners receive an additional 70% incentive the following month. From August 1 to 11, planners can earn up to 1.5 million won in cash incentives for weekly activity, confirmed in the 13th month.

Hyundai Marine & Fire Insurance: Next-month maximum 250%, total incentive rate up to 1300%

Hyundai Marine & Fire Insurance offers a 100% cash incentive for long-term insurance premiums paid in the next month. Additional 150% incentives are paid to GA planners the following month. Early activation incentives from August 1 to 11 can reach up to 1.2 million won, confirmed in the 13th month.

KB Insurance: Next-month maximum 220%, total incentive rate up to 1350%

KB Insurance offers a 150% cash incentive for long-term insurance premiums paid in the next month. GA planners receive an additional 70% incentive the following month. From August 1 to 11, planners can earn up to 1.5 million won in cash incentives for long-term insurance activity, confirmed in the 13th month.

The incentive schemes for GA planners at non-life insurance companies are becoming more uniform, reflecting the financial authorities' request to curb excessive competition. While the total incentive amounts have seen little change, next-month incentive rates have significantly increased, enhancing the motivation for planners. The industry continues to strive for a more efficient sales environment through these adjustments.