The Rise of General Agencies (GAs): Emerging as a Dominant Insurance Sales Channel
General Agencies (GAs) have established themselves as a powerful insurance sales channel in South Korea Despite a relatively short history, General Agencies (GAs) have established themselves as a powerful insurance sales channel in South Korea, with approximately 260,000 agents as of last year. GAs began to gain momentum during the IMF crisis, as former insurance company employees pioneered this new market. Recently, even primary insurance companies have recognized the growing influence of GAs by establishing subsidiary GAs. This article explores the history of GAs, the factors driving their growth, and the future of this evolving industry. General Agencies, or GAs, have rapidly emerged as a key sales channel in the South Korean insurance market. Unlike traditional insurance companies, GAs are independent agencies that are not tied to a specific insurer. Instead, they offer consumers a variety of insurance products from multiple companies, allowing for a broader comparison and more per...