Kyobo Life Insurance Holds 'Consumer Protection Commitment Event' to Commemorate 1st Anniversary of the Financial Consumer Protection Act

Kyobo Life Insurance Holds 'Consumer Protection Commitment Event' to Commemorate the 1st Anniversary of the Financial Consumer Protection Act

[Asia Economy Reporter Changhwan Lee] Kyobo Life Insurance announced on the 12th that it held a 'Consumer Protection Practice Pledge Event' to create an environment for practicing the protection of financial consumers' rights and interests, marking the first anniversary of the enforcement of the Financial Consumer Protection Act (FCPA).

On the 11th, Kyobo Life Insurance held the 'Consumer Protection Charter Proclamation and Consumer Protection Practice Pledge Event' at the convention hall on the 23rd floor of the Kyobo Building in Gwanghwamun, Jongno-gu, Seoul, attended by CEO Jeongbeom Pyeon, representative executives, and headquarters team leaders and part leaders.

At the event, Kyobo Life Insurance's representative executives read aloud the 'Consumer Protection Charter' according to each business responsibility. Through this, the company explained that they firmly established the recognition that protecting the rights and interests of financial consumers is not only a core value for sustainable corporate growth but also that all employees are the main agents in practicing financial consumer protection.

Even before the enforcement of the FCPA, Kyobo Life Insurance has been striving to enhance the mindset and consumer protection practice capabilities of all employees and consultants through the 'NICE KYOBO Campaign' and to realize customer-centric management.

As a result of these efforts, the number of complaints announced by the Financial Supervisory Service in April decreased by 25.1% compared to 2020, recording the highest reduction rate among major life insurance companies.

The number of complaints announced by the Life Insurance Association in the first quarter of this year decreased by 32.9% compared to the same period last year, and the converted number of complaints also decreased by 2.6 cases from 7.7 cases in the same period last year to 5.1 cases, showing the highest complaint reduction rate among large companies.

Jeongbeom Pyeon, CEO of Kyobo Life Insurance, said, "Compliance with the FCPA by all employees is the most fundamental matter for the stabilization and establishment of the FCPA." He added, "Practicing consumer protection, complying well with the FCPA, and striving to enhance customer value is the beginning of practicing Environmental, Social, and Governance (ESG) management."

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