Corona Causes Insurance Planner Exam to be Suspended for Three Months... Flood of Petitions for Resumption (Comprehensive)

Complete Suspension of Exams Organized by Saeng and Sonbo Association

"Discussion Underway on Possibility of Online and Outdoor Exams"

[Asia Economy Reporter Oh Hyung-gil] Kim Su-jin (pseudonym, 42), who became a career-interrupted woman due to childcare, was officially hired earlier this year as a financial planner (FC) trainee at an insurance general agency (GA). However, her joy was short-lived as she recently received a contract cancellation notice from the company.

The reason given was that the insurance planner qualification exam has not been held for several months due to the novel coronavirus disease (COVID-19), preventing dozens of people including Kim from taking the exam or working normally.

Kim said, "I understand concerns about group infections, but shouldn't there be a way to replace the exam with an online test? Employment opportunities are blocked without any measures, and I don't know what people who need to earn a living immediately should do," she lamented.

As the insurance planner qualification exam, hosted by the Life and Non-life Insurance Associations, has been completely suspended for over three months, calls for its resumption are pouring in. Since jobs are urgently needed, a petition has even appeared on the Blue House's public petition board asking for alternatives such as online or outdoor exams.

According to the insurance industry on the 14th, a petition was posted on the Blue House public petition board on the 9th titled, "I decided to join an insurance company and have been preparing for the qualification exam since February, but the exam was canceled just days before, leaving my future uncertain." Petitioner A said, "It is difficult to find other jobs or part-time work, so please prepare various options such as outdoor or online exams so that we can make a living as planners." This petition has received over 4,400 endorsements as of today.

Another petitioner posted a complaint against the financial authorities. Petitioner B said, "The association tried to hold the exam but the conditions were difficult. They considered replacing it with an online exam, but I heard the Financial Supervisory Service rejected that option. Other methods like online or outdoor exams are definitely possible and there was time to prepare, so if they just say no, who will take responsibility for the damage?"

Since the outbreak of COVID-19, the Life and Non-life Insurance Associations have suspended insurance-related qualification exams from February 24 until this month. Exams for planners, underwriters, and comprehensive asset managers have been canceled or postponed to the second half of this year.

The cancellation of the planner exam has caused huge disruptions not only in producing new personnel but also in frontline insurance sales. The annual number of planner exam candidates approaches 240,000. Last year, about 103,000 people took the life insurance planner exam, and about 134,000 took the non-life insurance qualification exam.

Assuming 20,000 people take the exam each month, the two-month suspension this year means that about 40,000 new planners have not been produced.

In the frontline insurance sales sector, there is a sense that it is difficult to secure new planners due to the exam postponement. Without securing new planners, new contracts are bound to decrease.

An official from the Non-life Insurance Association said, "Although the number of people agreeing with the petition is not in the hundreds of thousands, considering that most exam candidates are housewives or college graduates, it means they are appealing about issues directly related to their livelihood. We are internally reviewing various methods to resume the exam as soon as possible."

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