Toss Insurance Partners with Samsung Life to Strengthen Financial Consumer Protection

Toss Insurance, a corporate insurance agency (GA), announced on December 8 that it has signed a memorandum of understanding (MOU) with Samsung Life Insurance to strengthen the protection of financial consumers.

The signing ceremony, held on December 3 at Samsung Life Insurance's headquarters in Seocho-gu, Seoul, was attended by Byungik Cho, CEO of Toss Insurance, and Seongyong Oh, Head of Strategic Sales at Samsung Life Insurance, among others. The participants discussed practical measures for cooperation to protect financial consumers.

Under this agreement, Toss Insurance and Samsung Life Insurance plan to engage in comprehensive cooperation in several areas: internal controls and self-inspection work to reduce risks related to entrusted and consigned operations; complaint handling and preventive actions to protect financial consumers; and other activities deemed necessary for financial consumer protection as mutually agreed upon by both companies.

Toss Insurance and Samsung Life Insurance signed a business agreement on the 3rd to protect financial consumers. Byungik Cho, CEO of Toss Insurance (left), is taking a commemorative photo with Seongyong Oh, Head of Strategic Sales at Samsung Life Insurance. Toss Insurance

Since its establishment in 2018, Toss Insurance has redefined the insurance design, consultation, and sales structure based on its philosophy of 'trust over sales.' Moving away from performance-driven sales practices, the company has built a consultation culture that provides long-term recommendations by comprehensively analyzing customers' existing coverage, financial status, and protection needs.

After fully launching face-to-face sales, Toss Insurance has managed consultation records and customer feedback transparently through a digital-based consultation management system. The company proactively identifies potential risks by collecting the Net Promoter Score (NPS) and descriptive customer feedback (VOC) immediately after each consultation, and, when necessary, promptly initiates follow-up consultations or verification procedures.

A representative from Toss Insurance stated, "Insurance is a promise directly linked to customers' lives, so internal controls and consumer protection are not optional but essential. Through this agreement with Samsung Life Insurance, we will further advance our financial consumer protection system and build a trust-based insurance distribution structure."

A Samsung Life Insurance representative commented, "Cooperating with Toss Insurance, which has a customer-centric consultation culture and digital operational capabilities, is highly meaningful for enhancing the level of financial consumer protection. By sharing the experiences accumulated by both companies, we aim to contribute to establishing a sound order in the insurance market."

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