Korea's Largest GA Hanwha Life Financial Service "Leap to a Mega Sales Specialist"

20,000 Employees and Designers Integrated Consulting
Synergy Expected from Partnership with 9 Non-Life Insurers
"Pursuing Capital Expansion through IPO"

[Asia Economy Reporter Oh Hyung-gil] Hanwha Life Financial Service, the largest insurance sales specialist company in Korea with about 20,000 insurance planners and employees, was launched on the 1st.

Its goal is to leap forward as a mega sales company ranked first in the corporate agency (GA) industry through integrated consulting that covers not only the products of its parent company Hanwha Life but also non-life insurance.

Hanwha Life Financial Service held its launching ceremony at the annex of the 63 Hanwha Life Building on the same day and officially started its business. The event was attended by Hanwha Life CEO Yeo Seung-joo, Hanwha Life Financial Service CEO Koo Do-gyo, Honorary Vice President of Financial Planners (FP) Jung Mi-kyung, Honorary Director FP Ki Hye-young, about 20 representative FPs, and chief regional directors and branch managers.

CEO Koo said, "While maintaining the excellence of the existing exclusive channel such as the industry's best capital strength and systematic education process, we will provide a much improved sales environment by adding the autonomy and diverse product sales functions, which are the advantages of GA. We will leap forward as the industry's number one mega sales company and strengthen future growth through capital expansion via an initial public offering (IPO)."

Hanwha Life Financial Service consists of total capital of 650 billion KRW, about 500 sales institutions, approximately 1,300 employees, and about 19,000 FPs. This scale far surpasses existing top GA companies. Due to a high proportion of high-efficiency planners, the incomplete sales rate is recorded at 0.06%, which is lower than the average 0.24% of the top five GA companies.

Sales revenue also leads significantly. Based on last year's sales volume of Hanwha Life exclusive products, the sales revenue is about 1 trillion KRW, more than twice the average sales revenue of the top five large GA companies.

Kudo-kyo Hanwha Life Financial Services CEO

Hanwha expects even greater synergy when non-life insurance products are also sold in the future.

Hanwha Life Financial Service has partnerships with nine non-life insurance companies, enabling product sales. Additionally, it plans to offer order-made products reflecting customer needs. On this day, Hanwha Life Financial Service also revealed its mid- to long-term goals of achieving about 26,000 planners and a net profit of 210 billion KRW by 2025.

It has also established an organization to support customers and FPs. A non-life insurance partnership center will be set up in each regional unit nationwide to quickly support insurance claims and reviews.

An automobile insurance center has also been newly established to provide automobile insurance comparison quotation services and customer inquiry services. The sales organization system has been reorganized from a three-tier structure of ‘headquarters-regional unit-branch’ to a two-tier structure of ‘regional unit-branch.’

To support FPs, it operates the industry's best compensation system and introduces a welfare service in the form of a matching grant, where the company supports the same amount when FPs accumulate commissions.

Hanwha Life, which separated the sales organization, will take charge of product development, underwriting and insurance review functions, and digital transformation. It plans to promote digital new businesses such as big data and healthcare.

CEO Yeo Seung-joo emphasized, "Hanwha Life Financial Service will become a sales specialist company with unmatched competitiveness as a ‘First Mover.’ Hanwha Life will also continuously pursue timely supply of competitive products to be chosen by FPs, provide various services needed by customers, innovate processes from subscription to payment, and strengthen digital competitiveness."

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