KB Life and KB Insurance Partner with UFirst GA to Establish a Sound Financial Consumer Protection Business Culture

Strengthening Consumer Protection Through GA Partnership
Prevention-Focused Internal Controls and Collaboration to Minimize Complaints

KB Life and KB Insurance announced on the 21st that on the 20th, they signed a business agreement with UFirst, a corporate insurance agency (GA), at the KB Life Tower in Gangnam-gu, Seoul, to promote financial consumer protection and establish a sound business culture.

At the financial consumer protection business agreement signing ceremony held on the 20th at the KB Life Tower in Yeoksam-dong, Gangnam-gu, Jae-won Jang, Vice President of KB Life Sales Division (left), and Ho-yeol Lee, Head of the Greater Seoul Corporate Insurance Agency (GA) Division at KB Insurance (right), are taking a commemorative photo together with Young Jeon, CEO of Youfirst Insurance Marketing. KB Life

The agreement was established to expand the scope of close cooperation between insurance companies and GAs from the existing sales support focus to include consumer protection and internal controls, and to jointly build a financial consumer protection system centered on prevention.

Amid a growing emphasis across the insurance industry on strengthening consumer trust and internal controls, this initiative is especially meaningful in that insurance companies and GAs will work together to create consumer protection processes and begin full-scale collaboration.

The signing ceremony was attended by representatives from the insurance subsidiaries of KB Financial Group and key officials from UFirst, who discussed directions for collaboration to enhance consumer-centric management systems and establish sound practices within the insurance market.

As of last year, UFirst had 4,121 insurance planners, and recorded a 13th-month (one-year) retention rate of 92.41% for life insurance policies, earning recognition as a GA with stable contract maintenance capabilities and a consumer-focused business foundation.

Through this agreement, the companies plan to expand cooperation in areas such as: strengthening internal controls and operating a self-inspection system to prevent risks related to delegated and entrusted work; establishing a prevention-focused management system to minimize complaints; enhancing levels of personal information protection and security management; and fostering a culture of complete sales and building consumer trust.

In particular, KB Life and KB Insurance plan to focus on establishing a management system centered on prevention, not just post-incident responses, to proactively block complaints and consumer damages. Their goal is to jointly develop a collaborative model that can enhance the effectiveness of consumer protection throughout the insurance sales process.

A representative from KB Life stated, "Insurance is a promise to protect our customers' futures, and this promise is connected to financial consumers from beginning to end," and added, "We will continue to expand trust management for our customers by establishing a consumer-centric business culture and strengthening responsible internal controls."

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