[Exclusive] Saemaeul Geumgo Filled Performance for 19 Years with Incomplete Sales Without Even Getting Signatures...

Four Employees at Gangbuk Geumgoseo Sold Insurance to a Senior in His 60s
27 Policies Sold from 2003 to 2020
19 Cases of 'Incomplete Sales' Without Insured's Signature
No Disciplinary Action, Only "Ethics Code and Handwritten Signature Training Conducted"

Exterior of Saemaeul Geumgo Central Association.

[Asia Economy Reporter Song Seung-seop] It has been revealed that employees of Saemaeul Geumgo in Gangbuk raised their sales performance through nearly 20 years of incomplete sales targeting regular customers. They sold dozens of insurance policies without properly obtaining signatures, but the Saemaeul Geumgo Central Association did not impose significant disciplinary actions, resulting in only light punishments, raising criticism.

According to the financial sector on the 28th, last month the Saemaeul Geumgo Central Association began an investigation after receiving complaints related to incomplete sales at a Geumgo located in Suyu-dong, Gangbuk, Seoul. Combining the complaint investigation report documents obtained by Asia Economy and the Saemaeul Geumgo incomplete sales status data, four employees belonging to the Geumgo sold insurance policies to a man in his 60s, Mr. A, from April 2003 to June 2020.

A total of 27 insurance policies were sold, of which 19 were incomplete sales contracts without the insured’s signature. Current law requires the insured to directly sign the contract when concluding an insurance agreement. This fact was uncovered when one of Mr. A’s children used a fintech company’s ‘Check My Insurance’ service. Mr. A’s side claims that they suffered damages such as monthly premiums reaching 5 million won due to these incomplete sales.

Among the 19 contracts classified as incomplete sales, 8 deduction contracts were found to have been invalidated. The premiums already paid were refunded to the contract holder’s account. However, 11 contracts were maintained through consultations on the grounds that it was advantageous to the complainant despite being incomplete sales.

The employees who boosted their performance through incomplete sales have not received any significant disciplinary actions. According to the ‘Administrative Measures on Geumgo’ document submitted by the Ministry of the Interior and Safety, the supervisory department of Saemaeul Geumgo, the guidance was limited to ‘conducting training for all employees on the ethics code for deductions and the insured’s handwritten signature to prevent recurrence of similar cases.’ The warning only stated that if complaints continue, measures such as exclusion from various supports and awards, or revocation of qualifications could be taken.

The child of Mr. A, who first raised the complaint, expressed frustration, saying, "My mother is a very innocent and ignorant person who sells at the market and does not understand the world," and added, "They took advantage of my mother, who has poor cognitive and judgment abilities."

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