South Korean insurance GAs enhance security and professional training

South Korean General Agencies (GAs) in the insurance sector are implementing new measures to enhance security and professional standards. Eleven additional GAs, including Samsung Fire & Marine Insurance Financial Service and Toss Insurance, have joined the Financial Security Institute as members. This brings the total number of GA members to 25, providing them with access to integrated security monitoring, incident prevention, and vulnerability testing to protect large volumes of personal credit information.

Simultaneously, the GA industry is shifting its focus toward internal talent development. The Korea Insurance GA Association is pursuing the introduction of the ‘Korea Independent Insurance Financial Advisor (KIIFA)’ certification. This private qualification aims to differentiate GA agents from exclusive insurance company agents by emphasizing comparative product analysis and consumer protection. This move follows the implementation of the ‘1200% rule,’ which limits commissions paid to agents within the first year of a contract, prompting agencies to prioritize long-term training and retention over high-cost recruitment of experienced professionals.