Separation of Insurance Manufacturing and Sales Channels
Channel Innovation Task Force Launched on the 1st
[Image source=Yonhap News]
[Asia Economy Reporter Oh Hyung-gil] Mirae Asset Life Insurance announced on the 1st that it will separate its sales organization, including exclusive planners, and leap forward as an insurance company centered on products and services.
On the same day, Mirae Asset Life Insurance launched the Channel Innovation Promotion Team and announced plans to transfer and separate about 3,300 exclusive planners, including financial planners (FC), to its subsidiary-type corporate agency (GA), 'Mirae Asset Financial Services.'
The Channel Innovation Promotion Team will actively carry out its work with the goal of final reorganization by March next year. Mirae Asset Life Insurance's strategy is to reorganize its sales channels centered on Mirae Asset Financial Services, a subsidiary-type GA established in 2014, and secure growth momentum.
Mirae Asset Financial Services aims to become the industry's top comprehensive financial product seller by linking with Mirae Asset Life Insurance's support system. It plans to present the best portfolio to customers by comparing and analyzing all insurance products, build a mobile-centered digital infrastructure, and provide customized customer services through partnerships with various financial platforms. In the long term, it aims to advance as a comprehensive financial product sales company through capital increase and listing on the stock market.
Mirae Asset Life Insurance will provide competitive products to affiliated channels such as GA and bancassurance, shifting to an innovative product strategy that enhances customers' practical benefits through customized product offerings.
It also plans to launch innovative products based on an online platform and expand partnerships with portals and financial platforms to establish non-face-to-face infrastructure such as work automation and non-face-to-face contract systems.
Before the transfer of about 3,300 exclusive planners and entrepreneur-type branch managers, the Promotion Team will organize the compensation structure and work system, provide sufficient information in advance through briefings, and strengthen internal communication.
Cha Seung-ryeol, head of the Channel Innovation Promotion Team at Mirae Asset Life Insurance, said, "In the global advanced insurance market, where separation of sales and underwriting is already accelerating, we are promoting this separation to actively respond to environmental changes and achieve mutual growth of customers, FCs, and the company." He added, "We will prioritize protecting the rights and interests of all stakeholders, including policyholders, FCs, and employees, throughout the promotion process."
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