Is the Introduction of the Insurance Sales Specialist Company System a New Beginning for the Insurance Industry?
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...