Toss Insurance Surpasses 1,000 Agents... Targeting Major GA Players

Announcement to Expand to 5,000 Designers Within 3 Years
"Thanks to Transparent Data and IT Platform Capabilities"

The number of agents affiliated with Toss Insurance, the insurance agency (GA) subsidiary of Toss, has surpassed 1,000. It is explained that this growth was achieved through an IT platform-based work environment without any mergers and acquisitions (M&A).

Toss Insurance announced on the 23rd that the number of its affiliated agents exceeded 1,000 at the end of last month. After surpassing 500 agents?a benchmark for large GAs?just over a year after switching to face-to-face sales in February last year, the number of agents doubled to 1,000 within seven months.

This shows rapid growth as an independent GA without M&A. Toss Insurance emphasized that the work environment allowing agents to focus on their tasks and the IT platform capabilities were key factors.

First, Toss Insurance transparently discloses all raw commission data received from primary insurers to its affiliated agents. It also does not operate advance payments or adjusted conversion rates to increase sales of specific insurance products. Based on this, the company has established a structure that enables agents to provide more objective product recommendations as insurance experts.

IT technology is also actively utilized to provide the optimal user experience. A representative example is the ‘Product Navigator,’ which helps find the best insurance for consulting customers. By entering gender, age, and other information, the Product Navigator recommends the top three most suitable insurance products from 48 primary insurers currently selling policies. Additionally, customers who request insurance consultations through the Toss app are connected to Toss Insurance agents, allowing analysis, consultation, and subscription to be completed seamlessly in one process.

Thanks to these efforts, Toss Insurance has achieved approximately 86,000 cumulative product sales since switching to face-to-face sales. Meanwhile, the number of dispute complaints filed with the Financial Supervisory Service remains at zero. The 13th contract retention rate (based on the first half of 2023 data from the Insurance Agency Association) stands at 94.3% for life insurance and 89.6% for non-life insurance, surpassing the industry averages of 85.5% and 85.2%, respectively.

Productivity per agent, an efficiency indicator for GAs (number of agents/revenue), ranked second in the industry at 587,000 KRW as of October. This significantly exceeds the industry average of 390,000 KRW, achieved without telemarketing (TM) sales.

Looking ahead, Toss Insurance aims to secure 5,000 agents within the next three years, reaching the top 10 in the industry. The company plans to grow into a large GA while providing an environment where agents can fully focus as insurance experts.

Cho Byung-ik, CEO of Toss Insurance, said, "We are building a structure where agents and the company can grow together by creating an environment focused solely on quality consultation and planning. Ultimately, we aim to establish ourselves as a trusted insurance platform for financial consumers through the sale of high-quality insurance products."

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