Chairman Shin Yong-kil of the Korea Life Insurance Association.

(KLIA) (Photo: KLIA)

Korea Life Insurance Association (KLIA) selected over 13,100 life insurance planners around the country to help achieve a the company’s objectives, which the association has been doing since 2008, the company said on June 23.

The number of sales planners chosen this year comes to 13.5 percent of the total life insurance planners working in the country, the association said.

The factors considered for the selection include the years they put in, the rates of the contracts maintained, insurance policy sales records and whether sales were completed or not, among others.

The number of those who clinched the right to be insurance policy planners for the first time came to 5,483, or 41.6 percent, and those who got licenses for 12 times consecutively came to 164, or 1.2 percent.

The average age of those who were selected stood at 51 years old, or 1 year older than those who won selections a year ago. The average years they put in as the planners came to 13.9, up 06 years from the preceding year.

Their annual income averaged 89.27 million won, up 4.65 million won from last year. The maintenance rates for the 13th and 25th stood at 97.6 percent and 81.9 percent, respectively.

KLIA is expected to choose the best life insurance planner, the “Golden Fellow” in September, the according to a practice adopted in 2017, the 10th year the Excellent Confirmation Planner System was set up.

This year 300 out of the 134,174 planners selected will be picked thru the evaluation of a number of key factors.

KLIA, in the meantime, has not let up on its campaign to completely end the imperfect deals on life insurance policy sales.

The association decided to have all entire life insurance firms honor the system to prevent the incomplete sales of the life insurance policies in March this year.

The life insurance firms divided the prevention system into four steps, including the application, the review of the applications, monitoring and the contract implementation to strengthen the function related to the life insurance contracts taken over.

One life insurance firm employed Big Data technology to lower the imperfect sales rate to 2.2 percent in 2017 from 3.1 percent in 2014.

Other firms relied on examining planners’ sales methods to screen the sales contracts to pick out the imperfect sales contracts and reduce the imperfect sales contract rates to the range of 1.8 percent to 1.2 percent during 2013 and 2017.

An official of a life insurance firm said each life insurance firm’s successful imperfect sales prevention system should be shared by all the life insurance firms to boost consumers’ confidence in the life insurance industry.