The Korea Life Insurance Association and the General Insurance Association of Korea said on the 31st they selected a total of 22,305 agents as this year's certified top performers. The certification period runs for one year starting July 1.
The two associations have run the program since 2008 to protect insurance consumers. To be selected as a certified top performer, an agent must have worked for the same insurer for at least three years with zero cases of misselling, and meet persistency rates of at least 90% at the 13th month and 80% at the 25th month. There must also be no record of sanctions for violating the Insurance Business Act over the past three years.
In life insurance, certified top performers number 11,460, or 9.5% of all agents. The average tenure is 17.7 years, and the average persistency rates are 97.4% at the 13th month and 91.0% at the 25th month. The average annual income is 142.63 million won.
In general insurance, certified top performers number 10,845, accounting for 6.9% of the total. The average tenure is 19.3 years, and the persistency rates are 95.8% at the 13th month and 88.2% at the 25th month. The average annual income is 120.05 million won.