Insurance Agency's Self-Resolution to Eradicate "Unhealthy Business Practices"

[Asia Economy Reporter Oh Hyung-gil] The corporate insurance agency (GA) industry has united in its commitment to enhance consumer trust through sound insurance sales practices.

The Korea Insurance Agency Association announced on the 14th that representatives and executives of corporate insurance agencies gathered to hold a self-purification resolution ceremony aimed at protecting consumer rights and establishing a healthy insurance sales culture.

They stated, "Although efforts such as implementing practical measures to improve continuous monitoring indicators and establishing standard internal control criteria have been made, consumer trust in insurance remains insufficient. As a sound insurance sales channel, we will work to enhance consumer trust and satisfaction to protect consumer rights."

Additionally, they presented practical measures including protecting consumer rights, strengthening consumer choice, establishing a healthy sales culture and enhancing professionalism, and reinforcing social responsibility.

They also added, "We will prohibit excessive unfair recruitment of agents and strengthen appointment screening, eradicate unsound sales practices such as fabricated contracts, intermediary contracts, unqualified recruitment, and unfair transfers," and "We will continue self-purification efforts by strengthening compliance monitoring and internal controls."

Going forward, the insurance agency industry plans to contribute to consumer protection by preparing detailed implementation plans as follow-up measures.

An association official said, "While seeking to strengthen consumer rights, we will select outstanding GAs and certified top agents to restore trust in the insurance agency industry."

This content was produced with the assistance of AI translation services.