ABL Life, a subsidiary of Woori Financial Group, is partnering with GA Korea to establish a joint management system aimed at enhancing consumer protection and internal controls.
On September 28, ABL Life announced that it signed a memorandum of understanding with GA Korea at its headquarters in Yeouido, Seoul, to build a joint management system for consumer protection.
This agreement responds to the increasing importance of internal controls and consumer protection in the insurance industry, particularly in light of regulatory demands for enhanced third-party risk management by insurance companies and general agencies (GAs).
The two companies plan to establish complete sales as a core competitive advantage in insurance operations and strengthen the internal control cooperation system between insurers and GAs.
They aim to respect the sales autonomy of GAs while promoting improvements in consumer protection and internal controls, encouraging voluntary participation in the field based on the level of improvement and performance.
Specifically, they will jointly pursue initiatives to enhance complete sales and consumer protection standards, assess and improve key risks in the recruitment process, share information and best practices to prevent complaints and incomplete sales, and provide training and support related to consumer protection and internal controls.
In the future, the two companies will share best practices and field experiences to establish a collaborative model for consumer protection involving both insurers and GAs.
"This agreement will allow both companies to enhance the level of complete sales, prevent incomplete sales and complaints in advance, and strengthen contract retention rates and internal control capabilities," said Kwak Hee-pil, CEO of ABL Life.
* This article has been translated by AI.
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