[New Year's Address] Insurance GA Association President Kim Yongtae: "Strengthening Consumer Protection... Promoting Introduction of Insurance Sales Specialist Companies"

Kim Yongtae, President of the Insurance GA Association, Announces Five Key Initiatives in New Year's Address

Kim Yongtae, President of the Insurance GA Association, announced on the 29th that the association has set its core goal for the new year as establishing a consumer-oriented business system that can promote the introduction of the insurance sales specialist company system, through strengthening consumer protection and restoring trust.

President Kim stated, "In the new year, the insurance sales industry will reach a turning point where a structural transformation will begin in earnest, going beyond mere environmental changes," and added, "In this context, financial authorities are now finalizing the overhaul of sales commissions and are actively working on institutional reforms focused on compliance, internal control, and strengthening consumer protection."

Kim Yongtae, President of the Insurance GA Association. Photo by Donghyun Choi

He continued, "Corporate insurance agencies (GA) now face the clear challenge of shifting from a short-term, performance-oriented sales structure to a sustainable business model based on consumer trust," and added, "The association will systematically prepare for legislation through policy research and establishing institutional foundations."

The Insurance GA Association’s slogan for next year is "Establishing a Sustainable Management Environment for GAs through Strengthening Consumer Rights Protection." To achieve this, five key initiatives have been selected: ▲ Establishing an industry-wide collaborative system for consumer rights protection ▲ Enhancing internal control, expertise, and ethics through strengthened education functions for GAs ▲ Strengthening self-regulatory capabilities by building GA IT management and security systems ▲ Laying the foundation for the introduction of the insurance sales specialist company system and sustainable growth of GAs ▲ Elevating the status of the GA industry through policy cooperation and expanding external networks.

President Kim said, "The essence of consumer protection is to ensure that insurance claims are paid fairly and promptly, and we will establish a culture of responsibility that extends beyond the point of sale," and added, "We will promote as joint tasks for the GA industry the guarantee of consumer choice through compliance with comparison and explanation systems, prevention of incomplete sales, and management of high-risk contracts."

He also stated, "We will systematically develop tiered education curriculums for employees and planners," and added, "We will make information security and personal data protection top management priorities across the entire organization to strengthen our security capabilities."

The association also plans to push for the introduction of the insurance sales specialist company system, a long-held aspiration of the GA industry. President Kim explained, "The insurance sales specialist company system is a process for the GA sector to become a professional sales channel based on consumer trust," and added, "The association will systematically prepare for legislation through policy research and establishing institutional foundations."

President Kim concluded, "We will make consumer protection our shared core value and strengthen policy cooperation with financial authorities," and added, "By expanding communication with the media, academia, and consumer organizations, we will actively promote the public role and responsibility of the GA sector and our efforts to protect consumer rights."