Korea Life Insurance Association (KLIA) held the 7th Golden Fellow Certificate Presentation Ceremony at the Shilla Seoul in Jangchung-dong 2-ga, Seoul, on Sept. 8.
The event took place with Golden Fellow recipients, CEOs of life insurance companies, Chairperson Baek Hye-ryun of the National Assembly National Policy Committee and Standing Commissioner Kwon Dae-young of the Financial Services Commission in attendance.
Golden Fellow recipients are selected based on overall consideration, including mid- and long-term service and insurance contract retention rates among life insurance planners who have been certified as excellent planners for the fifth consecutive time.
KLIA introduced the Golden Fellow system in 2017 to celebrate the 10th anniversary of introducing an “excellent” life insurance planner system.
KLIA has selected 1,000 Golden Fellow recipients this year, as it did last year.
The latest recipients account for about 7.6 percent of 13,104 “excellent” life insurance planners that have been certified as of this year.
It translates into about 1.14 percent out of 87,653 life insurance planners.
Only life insurance planners who post high business performance, high contract retention rate and no incomplete sales are qualified for Golden Fellow certificates.
This year’s Golden Fellow recipients have been in the life insurance industry for an average of 23.6 years and earned an annual average of 166.43 million won.
Life insurance contracts that have been retained for more than one year and two years or more account for 99.1 percent and 95.8 percent, respectively.
KLIA Chairman Chung Hee-soo said, “Golden Fellow recipients are core resources of the industry and roots of its competitiveness.
Chung said he wished for them to transfer the values of life insurance to people based on reliability and KLIA will make diverse efforts to do so.
Notables, including KLIA Chairman Chung Hee-soo and Standing Commissioner Kwon Dae-young of the Financial Services Commission, Korean life insurance company CEOs and Golden Fellow recipients pose at the 7th Golden Fellow Certificate Presentation Ceremony. (Photos: KLIA)
Insurance Companies Allowed to Utilize Public My Data to Offer Insurance Services
From now on, insurance companies are allowed to use public My Data to provide insurance services.
Korea Life Insurance Association (KLIA) and General Insurance Association of Korea (GIAK) said on July 13 a screening committee of the Ministry of the Interior and Safety (MOIS) approved the utilization of public My Data to offer insurance services.
Insurance industries have pushed for introducing a public My Data service system to raise consumers’ convenience and efficiency of insurance services.
As a result, consumers are allowed to submit documents on insurance services, such as insurance subscription and insurance compensation payments using public My Data instead of visiting administrative and public organizations in person.
Retired Koreans’ Income Replacement Rate at 47 Percent, Lower than OECD Level Recommended
Koreans’ income replacement rate stood at 47 percent, 20 to 25 percentage points lower than the levels recommended by OECD.
The findings were revealed in a research report on global protection gaps on July 11, written by the global consulting company McKinsey & Company in a commission from the Global Federation of Insurance Associations, including KLIA.
The income replacement rate refers to the percentage of an individual's annual employment income that is replaced by retirement income when they retire.
The protection gap is the difference between the amount of insurance that is economically beneficial, and the amount of coverage actually purchased.
The report said globally, pension and health protection gaps have been expanded, and they are primary attributable to lower awareness toward pension subscription and rising port of retired people vs. pension subscription people.
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