20,000 설계사 Launch Hanwha Life Financial Service... "Leap to a Mega Sales Specialist" (Comprehensive)

Synergy Expected from Partnership with 9 Non-Life Insurers
"Pursuing Capital Expansion through IPO"
Achieving 210 Billion KRW Net Profit in 2025

[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 become a mega sales company ranked No. 1 in the corporate agency (GA) industry through integrated consulting that covers not only products from 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 operations. 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 heads of regional divisions and branches.

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 No. 1 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 5 GA companies.

Rising to No. 1 in the Corporate Agency Industry... Selling Both Life and Non-Life Insurance

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 5 large GA companies.

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 organizations to support customers and FPs. A non-life insurance partnership center will be set up in each regional division 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 division-branch’ to a two-tier structure of ‘regional division-branch.’

To support FPs, the industry’s best compensation system is operated, and a welfare service in the form of a matching grant is introduced, where the company supports the same amount when FPs accumulate commissions.

The FP education know-how possessed by Hanwha Life will be transferred to Hanwha Life Financial Service. Online educational content and various sales support materials will be provided to FPs, and group education will be conducted using educational broadcasts and Hanwha Life’s training centers.

Hanwha Life, which separated the sales organization, will take charge of product development, underwriting and insurance review functions, and strengthening 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 unique competitiveness as a ‘First Mover.’ Hanwha Life will also continuously pursue timely supply of competitive products to be chosen by FPs, provision of various services needed by customers, process innovation from subscription to payment, and strengthening digital competitiveness."

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