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The financial authorities in Korea are tightening their grip on large General Agencies (GA) in the insurance industry to protect consumers from potential harm The financial authorities in Korea are tightening their grip on large General Agencies (GA) in the insurance industry to protect consumers from potential harm. As GAs continue to engage in intense competition, authorities are focusing on preventing "4 major violations" and enhancing inspection processes to maintain market order and minimize consumer risks. Recently, the Financial Supervisory Service (FSS) and other financial authorities have been paying close attention to the large-scale competition occurring within the insurance industry, specifically targeting General Agencies (GA). Despite efforts to curb aggressive sales tactics and protect consumers, violations still persist, particularly among the larger agencies. The FSS has introduced stricter measures to address what they refer to as the "4 major violation...

The insurance industry is set to reform its online advertising practices to address consumer confusion and minimize potential harm. The insurance industry is set to reform its online advertising practices to address consumer confusion and minimize potential harm. Recent issues surrounding deceptive advertising by insurance agencies (GA) have prompted the industry to take action. The goal is to ensure clearer advertisement labeling and better protection for consumers. The insurance industry is making significant efforts to improve the transparency of online insurance advertisements. Recently, the Insurance Association has requested that General Agencies (GAs) clearly indicate the advertising source on their websites. This move comes in response to complaints that consumers often do not realize they are interacting with GAs rather than insurance companies, leading to potential misuse of personal information. In the past, some GAs designed their websites with interfaces and domain names t...

In a recent meeting between the Financial Services Commission (FSC) and the insurance industry In a recent meeting between the Financial Services Commission (FSC) and the insurance industry, FSC Chairman Kim Byung-hwan expressed interest in reviewing the introduction of an 'insurance sales specialist company' system. This announcement has reignited hopes among General Agencies (GAs) for a long-awaited change. Let's explore the potential impact of this system, which is already implemented in developed insurance markets like the U.S., UK, and Japan, and what it could mean for the domestic insurance market. A new wave of change is sweeping across the insurance industry. In a recent meeting with the insurance sector, FSC Chairman Kim Byung-hwan officially mentioned considering the introduction of the ‘insurance sales specialist company’ system. Will this long-awaited system finally become a reality for GAs? What Are GAs and the Insurance Sales Specialist Company System? An insu...

Recently, the competition to recruit agents in the General Agency (GA) industry has intensified, sparking controversy over settlement bonuses. Recently, the competition to recruit agents in the General Agency (GA) industry has intensified, sparking controversy over settlement bonuses. Excessive settlement bonuses have led to consumer harm, prompting the Financial Supervisory Service (FSS) and the GA Association to establish new standards and strengthen self-regulation. In this article, we examine the issues surrounding settlement bonuses in the GA industry and the efforts to address them. Over the past two years, a total of 259 billion won in settlement bonuses has been paid to 14,901 experienced agents affiliated with General Agencies (GAs), averaging 17.4 million won per agent. However, data shows that the more settlement bonuses an agent receives, the more likely they are to be involved in unfair contract transfers. This finding came from a recent investigation by the Financial Supe...

The intense competition among General Agencies (GAs) to recruit insurance agents has created instability in the market.  The intense competition among General Agencies (GAs) to recruit insurance agents has created instability in the market. Frequent agent movement between GAs has led to increased consumer complaints and damage. In response, the GA industry has introduced new self-regulatory measures to enhance transparency and manage its operations more effectively. This article explores the recent changes in the GA industry and their expected impact. The market for General Agencies (GAs) has grown significantly in recent years, matching the size and influence of traditional insurance companies. This growth has fueled fierce competition among GAs to recruit insurance agents. Given that larger agent organizations translate to greater sales power, GAs have offered high commissions and settlement bonuses to attract top agents. However, this intense competition has led to frequent agen...