Kyobo Life Insurance Agents' Cheerful Challenge "Let's Form Our Band"

Unique Approach to Strengthening Exclusive Consultant Brand

The Kyobo Life FP Band is a purely amateur band formed by employees working at branches nationwide, including Seoul, Gyeonggi, and Busan. (Photo by Kyobo Life)

[Asia Economy Reporter Oh Hyung-gil] Last month, a unique performance took place at a venue near Hongdae. It was a concert by a five-member band composed of Kyobo Life Insurance financial planners (FPs).

Formed in January this year, the Kyobo Life FP Band is a purely amateur band made up of members working at branches nationwide, including Seoul, Gyeonggi, and Busan. Over the past three months, they have voluntarily maintained a rigorous schedule, balancing regular sales activities with practice and rehearsals.

This band is part of Kyobo Life Insurance's 'FP Brand Campaign,' which aims to maximize the distinctive competitiveness of its FPs. Kyobo Life selected 'music' as the first challenge to foster familiar communication between customers and FPs, and held auditions for applicants among its 14,000 FPs, ultimately forming the five-member band.

Lee Young-soon FP of Kyobo Life Jeonggok FP Branch said, "It was by no means an easy challenge, but it was possible thanks to the sincere support from those around me," adding, "It was a special opportunity to reflect on my life, reality, and dreams as a consultant, mother, and housewife."

According to the Financial Supervisory Service, Kyobo Life's FP registration retention rate last year was 43.5%, up 11.9% from the previous year. During the same period, the average for life insurance companies was 33.9%, with Kyobo Life recording the highest increase among 21 life insurers. The number of commissioned personnel and monthly first premiums also increased compared to 2019.

A Kyobo Life official stated, "There are many changes occurring in the insurance industry, such as the launch of sales-specialized companies following the separation of underwriting and sales, and the rise of GA (General Agencies)." He added, "Strengthening the loyalty of Kyobo Life exclusive consultants will be a definite advantage not only in sales competitiveness but also in protecting financial consumers."

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