Seungryul Cha, Head of Marketing Division at Mirae Asset Life Financial Services
[Asia Economy Reporter Oh Hyung-gil] "The 'separation of insurance manufacturing and sales (Je-pan separation)' is expanding mainly among advanced insurance countries. Customer-centric channels of Western insurers, which provide customized products by partnering with agencies possessing specialized sales capabilities, have already become widespread. Mirae Asset Life Insurance's Je-pan separation will be a win-win journey benefiting customers, financial consultants (FCs), employees, and the company, and it will serve as a catalyst that can change the paradigm of the Korean insurance market."
Mirae Asset Life Insurance's subsidiary-type corporate insurance agency (GA), Mirae Asset Life Financial Services, made a fresh start on the 8th. As the first case of completely separating and making independent the sales channel from the insurance company, it is expected to serve as a turning point for Je-pan separation to take root in the domestic insurance industry.
Cha Seung-ryeol, head of the Channel Innovation Promotion Team and the leader of Mirae Asset Life Insurance's Je-pan separation, said in an interview with Asia Economy on the 15th, "Mirae Asset Financial Services will leap forward as a comprehensive asset management specialist company."
Head Cha expressed confidence that Mirae Asset Financial Services will nurture the professionalism of financial consultants through a high-quality, differentiated education support system, enabling customers to receive consulting from comprehensive asset experts who handle various financial products.
The First Complete Separation of Sales Channels in Korea... "Building the Industry's Best Infrastructure"
He explained that Je-pan separation is becoming an unstoppable trend and has advantages for all insurance stakeholders. He said, "From the consumer's perspective, they can compare and select products from multiple companies," adding, "Insurance companies can focus on developing innovative products, customer service, and asset management, while sales channel companies can accumulate marketing infrastructure and leap forward as comprehensive asset management specialists."
He continued, "Mirae Asset Financial Services already possesses capabilities that overwhelm competitors in every aspect, including Mirae Asset Group's infrastructure, brand, and systematic sales systems in the asset management business," and said, "It has the industry's largest capital and the highest level of IT and digital infrastructure, and especially, top domestic financial affiliates such as securities, asset management, life insurance, and capital serve as strong supporters."
Mirae Asset Financial Services has completed partnerships not only with Mirae Asset Life Insurance but also with six life insurance companies and eight non-life insurance companies, and has established a sales system that allows the composition of a diverse insurance product portfolio offered by these insurers.
Head Cha introduced, "In quantitative terms, the short-term goal is to achieve the top level in the domestic GA market, and in the mid-to-long term, we aim to steadily expand the sales organization with a focus on quality personnel," adding, "In qualitative terms, we have the goal of becoming a differentiated comprehensive asset management specialist company that practices customer alliance."
He also emphasized that subsidiary-type GAs will be an alternative to the chronic problem of incomplete sales in GAs. He said, "Since subsidiary-type GAs operate with the recognition of the parent company, they cannot neglect regulatory requirements and consumer protection obligations," adding, "By strictly complying with all regulations, they can have the effect of purifying the current GA market."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
