South Korean insurance GA security and professionalization

The Financial Security Institute has established an information security consultative body to mitigate third-party risks within the South Korean insurance industry. This initiative targets the growing influence of large General Agencies (GAs), which manage significant amounts of personal credit information and are increasingly vulnerable to sophisticated cyberattacks.

The consultative body focuses on establishing security inspection standards, conducting on-site inspections, and providing customized training for insurance solicitors to prevent GAs from being used as entry points for penetrating financial institutions.

Participation in the initiative has expanded, with the number of member GAs growing from 14 to 25, including firms such as Samsung Fire & Marine Insurance Financial Service and Toss Insurance. Alongside these security enhancements, the GA industry is shifting toward internal talent development. The Korea Insurance GA Association is pursuing the ‘Korea Independent Insurance Financial Advisor (KIIFA)’ certification to emphasize comparative product analysis and consumer protection, a move prompted by commission limits known as the ‘1200% rule’.