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As financial authorities strengthen internal control standards for General Agencies (GAs),  As financial authorities strengthen internal control standards for General Agencies (GAs), the GA industry is likely to engage in mergers and acquisitions (M&As) to expand their scale. Particularly, smaller GAs may find it challenging to meet the new regulatory standards, putting their survival at risk. This blog will explore the changes in the GA industry and the direction of policies set by financial authorities. Acceleration of Structural Reorganization in the GA Market Recently, financial authorities have been tightening their control over GAs, which is expected to accelerate the structural reorganization of the GA industry. The Financial Supervisory Service (FSS) is establishing an operational risk regulation system for indirect management of GAs and plans to implement direct regulations in the future. This is expected to encourage GAs to pursue economies of scale through M&As. ...

Digital insurers are struggling to meet expectations. Recent data shows that five digital insurers have significantly expanded their net losses compared to last year. Digital insurers are struggling to meet expectations. Recent data shows that five digital insurers have significantly expanded their net losses compared to last year. To overcome these deficits, they need to diversify their product portfolios and enhance their sales channels. Let's explore the challenges faced by digital insurers and their strategies for the future. Digital insurers were expected to play a disruptive role in the insurance industry, driving innovation. However, they have struggled to achieve notable results. From Kyobo Lifeplanet to Kakao Pay Insurance and Shinhan EZ General Insurance, no company has shown remarkable performance since their inception. Instead, they continue to face widening deficits. Why Are Digital Insurers' Losses Increasing? The five digital insurers — Carrot General Insurance, ...

Recently, the insurance industry was taken by surprise when approximately 200 members of MetLife’s exclusive team made a large-scale transition to KB Life Partners Recently, the insurance industry was taken by surprise when approximately 200 members of MetLife’s exclusive team made a large-scale transition to KB Life Partners. While the scale of this move was unexpected, the key factor behind their decision was not merely favorable conditions but a significant 'cultural compatibility.' In this article, we will explore the process and implications of this transition and examine how organizational moves in the insurance industry can evolve beyond simple competitive conditions. One of the most talked-about events in the insurance industry recently has been the large-scale transition of MetLife’s exclusive team. With around 200 members moving to KB Life Partners, the industry has paid close attention to this unprecedented shift. Due to the rarity of such a large transition, concern...

Bancassurance Premium Revenue Plummets Recently, bancassurance premium revenues have significantly decreased in the insurance industry. The introduction of the new accounting standard IFRS17, which focuses on health insurance and other protection-oriented products, is a major factor behind this shift. This change has greatly impacted the sales channels and revenue structures of insurance companies. In this article, we will explore the reasons behind the decline in bancassurance premium revenues and the responses of insurance companies to this trend. The proportion of bancassurance among insurance companies' major sales channels has been significantly declining. Major life insurers such as Samsung Life, Hanwha Life, Kyobo Life, Shinhan Life, Tongyang Life, and Mirae Asset Life saw their bancassurance premium revenues for the first quarter of this year drop by 27.5% compared to the same period last year, amounting to 3.645 trillion won. For non-life insurers, the decline was even mo...