From BigGo Finance · BigGo Finance · · 1m 30s
South Korean Insurers Shift to In-House Data for Marketing
South Korean insurers now use their own customer data instead of illegal databases to boost agent sales.
In brief
South Korean insurers now use their own customer data instead of illegal databases to boost agent sales. South Korean insurers are moving from illegal databases to in-house customer data for agent marketing after stricter regulations. Originally reported by BigGo Finance.
South Korean Insurers Shift to In-House Data
Samsung Fire & Marine Insurance and Hana Non-Life Insurance launched dedicated TC organizations in July to supply company-held customer data to agents.
Toss Insurance Expands Agent Force
Toss Insurance grew its agent force to about 3,200 by providing its own customer database free of charge to agents.
Regulatory Shifts Drive Change
The Financial Supervisory Service tightened oversight of illegal DB trading and commission regulations like the 1200% rule took effect.
TC Organizations Provide Direct Support
Samsung Fire & Marine and Hana Non-Life each launched TC organizations using their own customer DBs for face-to-face consulting with agents.
Scale of Customer Data Support
Samsung Fire & Marine supports 30 cases per month in year one, 20 in year two, 10 in year three, while Hana Non-Life supports 30 cases per month.
Industry Official Notes Shift
Securing consultation customers reliably is as important as high commissions for agents, with oversight of illegal DB trading strengthened.
New Competitive Edge Emerges
The ability to secure high-quality customer databases has become a new competitive edge in insurance sales after commission regulations tightened.
The short version
South Korean insurers are moving from illegal databases to in-house customer data for agent marketing after stricter regulations.
