Leading Youth Economic Education... Insurance Training Institute's 'Reasoned Transformation'

Attempt to Shift Educational Projects After Director Min Byung-du's Appointment

Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Oh Hyung-gil] The Korea Insurance Academy, which positions itself as an educational institution for insurance and financial experts, is drawing attention in the insurance industry as it recently focuses on youth economic education. While it has concentrated on job training until now, this change came after Director Min Byung-doo, a former politician, took office. Opinions differ on whether this is an expansion of the educational institution's scope or a means for Director Min to realize his personal political ambitions.

According to the insurance industry on the 25th, the Korea Insurance Academy plans to launch a youth economic education program called "Jangbogo Economic School" this September. The elementary school curriculum development is currently being finalized, with plans to develop a university-level course in the future.

Additionally, on the 21st, the Academy signed a business agreement for educational cooperation with "JA Korea," the Korean branch of Junior Achievement (JA), which provides youth economic and financial education in 95 countries worldwide.

Established in 1965, the Korea Insurance Academy was created to provide job training for agents, insurance companies, corporate agencies' employees, and loss adjusters. It is a representative insurance education institution stipulated in the Insurance Business Act.

Unlike banks or financial investment firms, insurance companies have historically lacked job training in various fields ranging from sales to actuarial science, loss adjustment, and asset management. Therefore, the Korea Insurance Academy has taken on the responsibility of providing specialized job training.

The change in the long-standing role of the Korea Insurance Academy began with Director Min's inauguration in January. Director Min, who has always been interested in economic schools, is actively promoting a new style of youth financial education. The Jangbogo Economic School advocates participatory education focused on enhancing problem-solving skills.

However, some question whether the Korea Insurance Academy should engage in youth education. There are criticisms that this might become a temporary project limited to Director Min's term.

On the other hand, it is explained that the Academy's push for new educational projects stems from the changing insurance education environment. Unlike in the past when insurance companies relied on the Academy for employee training, nowadays they conduct training internally, gradually reducing the Academy's role.

This has led to a decline in training fee revenue, making new business ventures urgent. Some view the expansion into economic and financial education beyond insurance as an effort to broaden the business scope.

An industry insider said, "In the past, the position of the Korea Insurance Academy director was typically held by former Financial Supervisory Service directors, and the Academy focused rigidly on insurance education. Providing youth education on finance, including insurance, could become a new business for the insurance industry."

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