Samsung Fire & Marine Insurance Signs MOU with Toss Insurance to Strengthen Soundness in Insurance Solicitation

Enhancing Integrity and Transparency in Insurance Solicitation
Cooperation to Strengthen Internal Controls at GAs

Samsung Fire & Marine Insurance announced on the 27th that it has signed a Memorandum of Understanding (MOU) for financial consumer protection with corporate insurance agency (GA) Toss Insurance. The two companies will work together to strengthen transparency in the insurance solicitation process and to establish a sound business culture.

Dongjoo Won, Vice President of Market Leading Division at Samsung Fire & Marine Insurance (left), is taking a commemorative photo with Byoungik Cho, CEO of Toss Insurance (right), after signing a Memorandum of Understanding (MOU) for the protection of financial consumers on the 26th.

The signing ceremony, held on the 26th at Samsung Fire & Marine Insurance's headquarters in Seocho-gu, was attended by Dongju Won, Vice President of Market Leading Division at Samsung Fire & Marine Insurance, and Byungik Cho, CEO of Toss Insurance, among others. The two companies discussed measures to strengthen cooperation for the protection of financial consumers.

This agreement was established to systematize financial consumer protection activities and enhance the level of internal controls at GAs through collaboration between insurance companies and GAs. Both companies agreed that mutual and responsible cooperation between insurance companies and GAs is the foundation for protecting financial consumers.

Under the agreement, the two companies will cooperate on: ▲ strengthening internal controls and conducting voluntary inspections to prevent risks related to consignment and entrusted work; ▲ preventing and handling complaints for the protection of financial consumers; and ▲ upgrading personal information protection and management systems. They will also work together to identify and implement joint initiatives necessary for financial consumer protection in the future.

Dongju Won, Vice President of Samsung Fire & Marine Insurance, stated, "Establishing a cooperative framework between insurance companies and GAs is the starting point for building market trust," adding, "We will continue to expand cooperation to establish a sound solicitation culture and protect consumer rights and interests."

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