"First Mutual Growth MOU with GA"...Samsung Life Insurance Strengthens Financial Consumer Protection and Internal Controls

Leading Consumer Protection with 13,000 Financial Consultants
"Mutual Growth with GAs is Essential for Financial Consumer Protection"

Samsung Life Insurance has taken its first step toward mutual growth by partnering for the first time with a major corporate insurance agency (GA) to protect financial consumers.

"First Mutual Growth MOU with GA"...Samsung Life Insurance Strengthens Financial Consumer Protection and Internal Controls

At the financial consumer protection business agreement (MOU) signing ceremony held at Samsung Life Insurance headquarters in Seocho-dong on the 30th, Kim Jongsun, CEO of Global Financial Sales (fifth from the left), and Park Haegwan, head of strategic sales at Samsung Life Insurance (sixth), are taking a commemorative photo with the attendees. Photo by Samsung Life Insurance

On July 30, at its headquarters in Seocho-gu, Seoul, Samsung Life Insurance signed a memorandum of understanding (MOU) with Global Financial Sales to protect financial consumers. Established in 2009, Global Financial Sales is a leading GA in the industry, with approximately 13,000 financial consultants (FCs) actively working.

This agreement was prepared with the aim of strengthening financial consumer protection activities and enhancing the level of internal controls within the GA through cooperation between the insurance company and the GA. Both parties shared the common understanding that mutual growth between insurance companies and GAs is the first step toward protecting financial consumers.

According to the agreement, the two companies plan to closely cooperate in non-financial areas, including strengthening internal controls and self-inspection to reduce risks related to consignment and entrusted business, collaborating on complaint prevention and handling systems, and protecting and managing personal information. In addition, they plan to continue further discussions on additional tasks that both parties deem necessary for the protection of financial consumers.

A Samsung Life Insurance representative stated, "Mutual growth cooperation with GAs is essential for protecting financial consumers," and added, "We will continue to actively communicate with the GA industry on any matters that improve insurance business practices and protect financial consumers."