September 2024 Brand Reputation Rankings for Independent Insurance Agencies: INKA Financial Service Takes the Top Spot

In September 2024, the Korea Corporate Reputation Research Institute announced the brand reputation rankings for independent insurance agencies (GA) in South Korea based on big data analysis.

In September 2024, the Korea Corporate Reputation Research Institute announced the brand reputation rankings for independent insurance agencies (GA) in South Korea based on big data analysis. INKA Financial Service secured the top position, followed by Prime Asset and Goodrich in second and third places, respectively. This blog will explore the changes in rankings and the detailed analysis results of these GA brands.

From August 12 to September 12, 2024, the Korea Corporate Reputation Research Institute collected and analyzed a total of 6,025,551 pieces of big data related to 15 insurance agency brands to calculate the brand reputation index. This index considers various factors such as consumer participation and communication, media presence, community engagement, and social contribution indicators.

INKA Financial Service, which ranked first, recorded a participation index of 674,549, a media index of 180,773, a communication index of 240,800, a community index of 181,662, and a social contribution index of 46,540, resulting in a total brand reputation score of 1,324,324. This marks a 5.34% increase compared to August, reflecting positive consumer sentiment.

Prime Asset, in second place, scored 327,478 in participation, 93,341 in media, 229,120 in communication, 152,744 in community, and 23,175 in social contribution, with a total brand reputation index of 825,857, indicating a significant increase of 15.04% from the previous month.

Goodrich, which ranked third, had a participation index of 303,750, a media index of 102,570, a communication index of 148,715, a community index of 169,884, and a social contribution index of 29,660, resulting in a brand reputation index of 754,578. This represents a slight decrease of 0.60% compared to the previous month.

Other notable brands such as **A+ Asset**, which ranked fourth, and **Hanwha Life Financial Service**, in fifth place, showed their respective unique performance. A+ Asset saw a 6.98% increase, while Hanwha Life Financial Service rose by 11.55%, demonstrating positive results.

A General Agency (GA) refers to an independent agency that sells products from multiple insurance companies rather than being affiliated with a single one. GAs began to emerge in the early 2000s and became a major sales channel for insurance companies after the 2008 global financial crisis, attracting many exclusive agents from these companies.

Koo Chang-hwan, the director of the Korea Corporate Reputation Research Institute, stated, "The big data analysis for GA brands in September showed a 2.34% increase compared to August, with positive changes observed in brand communication, dissemination, and contribution.” The brand reputation index is calculated by categorizing consumer behavior into various values, which helps identify the impact and presence of a brand.

This analysis highlights how independent insurance agencies engage with their consumers. We hope that major players in the GA market will continue to enhance their brand value and provide better services to consumers.

As competition intensifies among insurance agency brands, it is essential to keep an eye on how leading companies like INKA Financial Service, Prime Asset, and Goodrich strengthen their positions in the market.