Kim Yong-tae, President of the Insurance Agency Association, "Promoting Qualitative Growth of Insurance Agencies"

Kim Yong-tae, President of the Korea Insurance Agency Association

Kim Yong-tae, Chairman of the Korea Insurance Agency Association, announced on the 29th in his 2024 New Year's address that "this year will be made a year to promote new qualitative growth of insurance agencies in the era of voluntary agreements."

Chairman Kim presented the key agendas for next year as ▲ the establishment of voluntary agreements to restore consumer trust ▲ reasonable institutional improvements and policy alternatives for insurance agencies ▲ creating an environment as a 'self-regulatory organization' and building an association culture through communication.

Chairman Kim said, "We will promote qualitative growth through the corporatization model of insurance agencies," adding, "In the second half of the year, we will prepare a comprehensive revision of the Insurance Business Act, which includes the basis for establishing insurance sales specialized companies, to concretize the vision of insurance agencies and do our best to play a key role necessary for system establishment."

Last year, the Insurance Agency Association signed a 'Voluntary Agreement for Consumer Protection and Internal Control of Insurance Agencies' to establish a sustainable co-growth model through win-win cooperation in the insurance agency (GA) industry, establish sound recruitment order, and protect consumers. The association evaluated that by expanding the voluntary agreement to medium and large GAs, it achieved results in enhancing the competitiveness of the insurance industry and sharing consumer trust and the true value of insurance.