The commission has relaxed the so-called '25% rule' for seven financial institutions, including the Gangseo NongHyup, which previously limited the sale of specific insurance products from a single insurer to 25% or less. Under the new guidelines, life insurance products can now account for up to 50%, while non-life insurance products can make up to 75% of sales. However, sales of affiliated or related insurance products will still be restricted to 25% for life insurance and 33% for non-life insurance.
This expansion of consumer choice is expected to enhance the role of financial institution insurance agencies as consumer-friendly channels. Additionally, policy insurance products for natural disasters, such as flood and earthquake insurance, will be excluded from the sales percentage calculation to further promote these types of insurance.
Twenty companies, including JB Woori Capital, have also had their 24 applications for 'Generative AI Services for Internal Employees and Customers' designated as innovative financial services. This initiative aims to improve operational efficiency and customer convenience by integrating external generative AI with information processing systems, likely accelerating the adoption of AI across the financial sector.
Furthermore, the designation details for generative AI services from eight companies, including Hanwha Life, have been modified. The designation period for the 'Joint Loan Service' by Toss Bank and Gwangju Bank has been extended by two years.
* This article has been translated by AI.
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