Korea Teachers Credit Union Holds Ceremony to Mark 30th Anniversary of Insurance Business

The Korea Teachers Credit Union held a commemorative event to mark the 30th anniversary of its insurance business.

On the 4th, the Korea Teachers Credit Union announced that it had held this event the previous day at The K Tower in Yeouido, Seoul.

This event was organized to celebrate the 30th anniversary since the full implementation of the "Comprehensive Welfare Benefits" program for teachers on September 1, 1995.

At the time, the Korea Teachers Credit Union developed the Comprehensive Welfare Benefits program to provide teachers with a safer and more differentiated insurance product compared to other financial institutions, in response to rising living standards and increasing demand for insurance driven by rapid economic growth.

For the first time in Korea, the union calculated risk rates exclusively for teachers and designed the program accordingly, while keeping business expenses to a minimum to set reasonable insurance premiums. The coverage was expanded not only to teachers themselves but also to their spouses and direct family members, and most products were non-renewable (excluding DA Bodang Gongje (renewable)), allowing policyholders to be covered until maturity without concerns about premium increases.

In 2015, the union launched its own brand called "Teachers Life (Gyojik1Life)," and in 2018, it adopted separate accounting for the insurance business internally to strengthen financial soundness. As a result, the Comprehensive Welfare Benefits program has achieved approximately 810,000 policies in force (including individual and group insurance) and a policy retention rate of 93.1% (13th term, as of the end of 2024).

The Korea Teachers Credit Union plans to accelerate digital transformation, develop and operate products that respond to the evolving insurance and education environment, and enhance service quality to further improve member satisfaction.

Jung Gap-yoon, Chairman of the Korea Teachers Credit Union, stated, "We will continue to pursue innovation and differentiation so that we can remain a strong pillar in the lives of the education community."

Korea Teachers Credit Union