Kyobo Life Insurance, 15,141 Exclusive Agents... 10.3% Increase YoY

Support for Overseas Language Study for Planners' Children and More

Kyobo Life Insurance announced on the 5th that the number of exclusive financial planners (FPs) under its management reached 15,141 as of the end of last year. This represents a 10.3% (1,425 persons) increase compared to the previous year, marking the highest number since 2018 (15,516 persons).

Kyobo Life has seen a steady increase in the number of exclusive FPs in recent years, rising from 13,563 in 2022 to 13,716 in 2023, a 1.1% growth.

Kyobo Life Insurance Gwanghwamun Building. Provided by Kyobo Life Insurance

Kyobo Life’s growth in exclusive FP numbers is particularly notable as it was achieved amid the rising influence of corporate insurance agencies (GA) in the insurance market. Recently, the insurance industry has become highly competitive, with a trend toward separation of manufacturing and sales, and an increasing share of non-exclusive sales organizations such as GAs.

However, concerns over consumer harm due to unfair renewal contracts and incomplete sales caused by overheated competition to recruit planners persist. Some observe a resurgence of exclusive channels due to excessive performance pressure and insufficient training. This is attributed to the strengths of primary insurers, including solid positioning, infrastructure, and support and development systems.

A Mr. A, who returned to Kyobo Life from a GA, said, “I chose the agency because I could sell products from various insurance companies, but focusing only on new contracts forced me to engage in aggressive sales. I believe an organization that supports long-term growth is more suitable for sales activities.”

Kyobo Life maintains a sales strategy centered on exclusive channels. The company believes that selling products primarily through exclusive FPs is more appropriate to provide complete enrollment, optimal coverage, and maintenance services that align with the value of life insurance.

Compared to 100,000 contracts held last year, Kyobo Life recorded 9.24 external complaint cases, the lowest among six major competitors. This is the result of active efforts to ensure complete sales.

Shin Chang-jae, CEO and Chairman of Kyobo Life, has repeatedly emphasized that the life insurance system is essentially a “story of people’s love” and has urged the company to fulfill its fundamental role as an insurance provider.

Kyobo Life spares no effort in nurturing professional FPs. The company regards them as key stakeholders for mutual growth and has established the principle of “a company that succeeds together with financial planners” within its sustainable management system.

Furthermore, since 2012, Kyobo Life has been operating the industry’s first permanent organization, the “Consultant Support Center,” to listen to and assist exclusive FPs with their difficulties. As of 2023, this center handles an average of 80.9 complaints per month within 2.1 days.

Since 2004, Kyobo Life has selected outstanding exclusive FPs and supported their children’s overseas language study twice a year, in summer and winter. Over the past 20 years, about 3,000 people have benefited. In addition, the company holds events such as Kyobo MDRT DAY, FP satisfaction surveys, and outstanding FP meetings to help FPs perform their sales and service activities with confidence.

A Kyobo Life official stated, “We will continue to support exclusive FPs so that they can deliver the value of customer protection with a sense of mission and pride, becoming role models for others. We will also uphold the spirit of respect for life and develop the company’s unique organizational culture.”

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