Toss Insurance Surpasses 2,000 Agents in Two and a Half Years

First Profit Turnaround Since Establishment in the First Half of This Year

Viva Republica (Toss)'s corporate insurance agency (GA) subsidiary, Toss Insurance, announced on the 26th that it has surpassed 2,000 affiliated agents.

Toss Insurance began face-to-face sales in February 2022 with just two agents and reached 500 agents in about a year. Since then, it surpassed 1,000 agents in November last year, 1,500 agents in April, and this month, 2,000 agents in two and a half years. The number of agents has been steadily increasing at an average rate of 100 per month.

This growth trend is attributed to a transparent commission policy. The disclosure of the source commissions paid by insurance companies for contracts made by agents has generated positive word-of-mouth among agents. In addition, growth has continued due to ▲free customer matching ▲sales support through IT technology ▲an environment that enables long-term relationships with customers.

Furthermore, Toss Insurance recorded a net profit of approximately 350 million KRW in the first half of this year, marking its first profitable turnaround since its establishment in November 2018. Thanks to solid insurance recruitment performance, sales in the first half of this year (52.5 billion KRW) grew about 3.3 times compared to the same period last year (16 billion KRW).

While the number of new insurance contracts in the first half of last year was 29,787, it nearly doubled to 61,737 in the first half of this year. The amount of new contracts increased about 2.6 times from 1.92 billion KRW to 4.94 billion KRW. The 13th installment contract retention rate was recorded at 88.0% for life insurance and 88.9% for non-life insurance as of the end of last year. These figures exceed the averages of the top three GA companies, which are 87.9% for life insurance and 88.2% for non-life insurance.

Productivity per agent was about 760,000 KRW in the first half of this year, the highest level in the industry. Productivity per agent is calculated by dividing the monthly initial insurance premium by the number of agents and is recognized as an indicator of GA efficiency. According to the Corporate Insurance Agency Association's disclosure, the 13th-month agent retention rate in the first half of this year was 90%, more than twice the industry average of 40%. The high satisfaction of agents has led to the company's growth.

Cho Byung-ik, CEO of Toss Insurance, stated, "We will strive to achieve more than double sales growth compared to last year and to become a mega GA with over 3,000 agents."

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