Korea Insurance General Agency Association Chairman Kim Yong-tae said on the 29th that he set the establishment of a consumer-centered sales system, which can accelerate the introduction of a specialized insurance sales company system, as a key goal for next year.
Kim, in a New Year's address, set next year's slogan as "building a sustainable management environment for corporate general agencies (GA; General Agency) by strengthening consumer rights protection," and stated accordingly.
Kim said he would establish a joint cooperation system in the GA industry to protect consumer rights. He also said the industry would pursue, as joint tasks, guaranteeing consumer choice and preventing misselling by complying with the comparison and explanation system, as well as managing high-risk contracts.
Kim said, in particular, that he would strengthen GAs' self-regulation capabilities by building IT and security systems. In preparation for the bolstering of the comparison and explanation system taking effect from next year, the four-year installment payment of commissions, and stronger internal controls, he said they will gradually upgrade IT systems and make personal information protection a top management priority to build strong security capabilities.
Kim also emphasized introducing a specialized insurance sales company system. Kim said, "The specialized insurance sales company system is a process for the GA sector to rise as a professional sales channel based on consumer trust," adding, "The association will systematically prepare efforts toward legislation through policy research and establishing an institutional foundation."