Rich&Co, Highest Sales Since Inception... "Insurance Distribution Innovation"

Rich & Co, a corporate insurance agency (GA), announced on the 10th that it recorded its highest sales since its establishment last year.

[Asia Economy Reporter Oh Hyung-gil] Rich & Co, a corporate insurance agency (GA), announced on the 10th that it recorded its highest sales since its establishment last year.

Rich & Co posted sales of 259.7 billion KRW and an operating profit of 12.9 billion KRW last year, growing by 30% and 134% respectively compared to the previous year. Additionally, the commission revenue per active agent, one of the productivity indicators for agents, was 116% higher than the average of the top 20 GAs. Rich & Co explained that this was the result of enhancing agents' professionalism and efficiency through sales and product training, as well as sales management systems.

This year, Rich & Co plans to pursue insurance distribution innovation through a two-track strategy: strengthening agent professionalism and expanding consumer touchpoints based on insurtech. They are developing a total insurance sales solution that can analyze the information of 1.5 million members of the Goodrich app, allowing insurance product design, coverage analysis, and product recommendations to be conducted all at once.

In the second half of the year, they plan to use big data to show recommended products by age and gender, drastically reducing agents' analysis time and unnecessary steps.

They also plan to expand Goodrich Lounge, the offline touchpoint, along with the Goodrich app, the online touchpoint of the insurance distribution brand. Goodrich Lounge is an insurance shop where full-time insurance managers select products suitable for consumers; currently, 10 locations are operating, and they plan to increase the number of stores to around 50 within this year.

Han Seung-pyo, CEO of Rich & Co, said, "Through a two-track strategy of strengthening agent professionalism using IT technology and expanding consumer touchpoints using an insurtech platform, we are growing into a trusted insurance distributor for both agents and consumers," adding, "We will make Goodrich the best insurance distribution brand in Korea and Rich & Co the top GA in the country."

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