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Hanwha Life has become the first major life insurer to surpass 30,000 insurance agents through its 'Three GA Alliance,' formed as part of its 'separation of manufacturing and sales' strategy. This blog explores Hanwha Life’s insurance sales strategy, the achievements of the three GA alliance, and its future plans.   Hanwha Life has achieved a major milestone by becoming the first major life insurance company to exceed 30,000 insurance agents through its 'Three GA Alliance.' According to the Life Insurance Association, the number of agents under Hanwha Life's three major GAs—Hanwha Life Financial Services, Hanwha Life Lab, and People Life—reached 31,073 by the end of June 2023. This represents a 2,249 (7.8%) increase compared to the 28,824 agents reported at the end of December 2022 and a 3,506 (12.7%) increase from the 27,567 agents reported in June 2022. This number is about half of the 62,525 total agents for all 22 life insurance companies in South Korea ...

This post examines the implications of these actions, their impact on the industry, and the response from the Financial Supervisory Service (FSS). A recent scandal involving insurance agents who paid insurance premiums on behalf of high-income professionals, such as pharmacists, has brought illegal activities within the insurance industry into the spotlight. This post examines the implications of these actions, their impact on the industry, and the response from the Financial Supervisory Service (FSS). The Financial Supervisory Service (FSS) recently conducted a large-scale crackdown on illegal activities within the insurance industry, uncovering multiple violations of the "Prohibition of Providing Special Benefits" regulation. The focus was on insurance agents who targeted high-income professionals, such as pharmacists, by paying their insurance premiums or offering expensive gifts. From 2016 to 2019, 32 insurance agents affiliated with General Agencies (GAs) paid over 4.2 b...

In the competitive race to be the top General Agency (GA) in the insurance industry In the competitive race to be the top General Agency (GA) in the insurance industry, an alarming trend is emerging—insurance consumers are increasingly being neglected. As insurance agents frequently change jobs or leave the industry, more and more policyholders are left without proper management, resulting in what is known as "orphan contracts." This phenomenon has reached a troubling scale, with over 4 million such contracts being created annually, leaving consumers vulnerable and unprotected. The insurance industry is currently experiencing a significant increase in the number of "orphan contracts," where policyholders are left without an assigned insurance agent due to the agent's departure from the company. According to the Financial Supervisory Service, the retention rate of exclusive insurance agents last year was only 33% for life insurance companies and 52% for non-life ...