Insurance companies, Dongbun Seoju ahead of the Geumso Act… “Let’s avoid the demonstration case”

Insurance companies are busy preparing for the enforcement of the Financial Consumer Protection Act on the 25th. In addition to reorganizing the organization and system, we are focusing on changing the minds of employees. In particular, there is tension that the financial authorities should not be caught in a so-called’demonstration case’ as the financial authorities are also keen to comply with the relevant laws due to the enforcement of the prohibition law.

According to the industry on the 19th, attention is focused on the response of each insurance company in a situation where the paradigm shift of consumer protection becomes’essential, not optional’.

Most insurance companies have formed a TF since last year to prepare for the law.

First of all, Samsung Life has established a consumer protection office at the executive level as an organization directly under the chief executive officer (CEO) and the general consumer protection officer (CCO). ‘Customer Rights and Interests Protection Officer’ has also been established in 8 customer centers nationwide.

Hanwha Life Insurance held a pledge ceremony for the’Financial Consumer Protection Charter’ on the 10th and pledged to practice for the protection of financial consumers. ‘Financial consumer protection’ was taken as a core value. The’Financial Consumer Protection Charter’ contains a code of conduct such as ▲ providing optimal products and services ▲ full sales ▲ customer service ▲ customer complaint prevention ▲ customer information management ▲ customer asset protection.

Hanwha Life Insurance also made online practice pledges for all employees and designers. The’Complete Conquest of the Money and Law’ was opened as a cyber education course for financial consumer protection. The curriculum included key contents related to the Financial Consumer Protection Act, such as the purpose of the enactment and the six sales principles, right to know the right to terminate illegal contracts, and the status of fines for negligence in case of violation of the law. All employees and designers must complete the course by March 24th.

Kyobo Life launched the’Nice Kyobo’ campaign to establish a consumer-centered insurance business culture through full subscription practice and active customer service.

The plan is to improve various systems and processes to support the practice of full subscription at the site, and to actively implement key initiatives such as ▲ knowing the law of prohibition immediately ▲ keeping the three basics ▲ accurately explaining the contents of the guarantee.

Mirae Asset Life Insurance has been operating a quick response TF since January of this year, starting with the formation of a council for countermeasures against the prohibition law in July of last year. Based on this, internal control standards are being established and inspected for preparation. It is a plan to check the necessary matters, draw out a project to be carried out, and prepare continuously.

On the 3rd, Shinhan Life Insurance and Orange Life, which are about to be integrated, held a’joint declaration of consumer protection complete sales’ on the 3rd. The chief executives of both companies, the general manager of consumer protection, and the representative executives of the sales group read the’Chart for Insurance Consumers’ and made an oath.

The’Chart for Insurance Consumers’ consists of the basic spirit, commitment, and behavioral principles of executives and employees of both companies and designers, and was revised last month to incorporate the major ideologies of the law and consumer protection related company bylaws.

The two companies operate a process of internalizing the gold law for all executives and employees and planners for one month in March, starting with the revision of the’Charter for Insurance Consumers’ and the’Declaration of Complete Sale’. In this course, ▲ the’Kumso Law’ compulsory completion training course for executives and employees ▲ Newly established’Kumso Law seller qualification system’ and the’Kumso Law’ mandatory completion training course was opened ▲ PC POP-UP containing the main contents of the’Kumso Law’ Operations were included.

Tong Yang Life Insurance has written a pledge to comply with the prohibition against law for executives and employees and designers. Video presentations related to the law of prohibition were also held for all branches. Ideas for preventing civil complaints were presented and the overall process of the company was reorganized.

Heungkuk Life Insurance held the’Financial Consumer Protection Practice Resolution Contest’ on the 11th. At the event that day, ’10 Commandments to Practice Financial Consumer Protection’ was announced. The ten commandments included employee values ​​and behavior guidelines for customer-centered management and consumer protection.

Heungkuk Life Insurance also runs a’Know the Money Law’ campaign for all employees during the month of March. Plans to inspire executives and employees to practice the law, such as’Knowing the Law on the Law’ Special Broadcast’,’The Law on Law Briefing Session for Branch Managers’,’Relay Quiz on the Law on Money Law’, and’Running a PC Pop-up with the Six Sales Principles of the Law on Financial Law’ to be.

NH Nonghyup Life has been operating a TF to respond to the law since November last year. In preparation for the increase in civil complaints, it has expanded its consumer protection organization and manpower. Practitioners are being trained to comply with the principles of suitability and adequacy, and to prevent unfair business and unfair solicitation. Financial product advertisement-related processes, various damage claims, and sales restriction orders are being reorganized. In addition, detailed implementation plans are being established and responded to throughout other tasks.

MetLife established an action plan based on the legal team’s interpretation of the law enforcement regulations. We are preparing through process and system revision to comply with relevant laws and regulations in operation, marketing, products, and channels.

ABL Life has organized a related TF in accordance with the enforcement of the Financial Law, ▲Established a system for classifying general financial consumers and professional financial consumers for all products, and changed the subscription process ▲Changed the process for diagnosing suitability for variable products and established a system ▲Changed product manuals and terms for all products ▲Employee And training for designers ▲Revision of regulations and guidelines such as civil petition guidelines ▲Internal control standards and financial consumer protection standards are in progress.

On the 12th, Prudential Life Insurance held a seminar on the financial consumer law related GA targets, and on the 16th, it held a ceremony to declare the financial consumer charter for employees’ sales.

Non-life insurance companies are making similar efforts.

As the duty of explanation and complete sales are emphasized in the sales process of insurance products, Samsung Fire & Marine Insurance is providing training on the law of law to all executives and employees and the organization of design companies.

Understanding the smooth performance of consumer protection-related tasks, Hyundai Marine & Co., Ltd. has been preparing to respond to the Financial Consumer Protection Act at the corporate level by operating a TF since December of last year.

Hyundai Marine & Co., Ltd. has established and implemented detailed countermeasures for each task in accordance with the legislative purpose, as it has comprehensively summarized related laws and provisions scattered in various places to protect consumer rights and interests, and provided company-wide training and promotion. It will be developed through.

We plan to intensively reinforce sales field training so that the sales organization can adapt to the new legal environment, such as product knowledge and regulations that must be observed when selling products.

In particular, Hyundai Marine & Marine Corp. expanded and reorganized the small insurer policy part to the Ministry of Consumer Policy in December of last year to implement systematic consumer protection. The’Consumer Protection Center’ was established under the subsidiary to improve efficiency in responding to on-site complaints and to strengthen the role of on-site management of the company’s complete sales.

In order to reinforce the fulfillment of product description obligations among the six sales principles, Hyundai Shipping is preparing for the establishment of new core product descriptions, revised terms and conditions, and revision of standard product description scripts for each sales channel. In addition, a system for responding to new work, such as the establishment of the right to cancel illegal contracts, is being reorganized from the origin.

KB Insurance has completed more than 90% of more than 30 tasks ahead of the enforcement of the law. Some tasks, such as provision of securities documents and product descriptions, are delayed due to the fact that the final draft of the standard terms and conditions and the detailed enforcement regulations for non-life insurance products has not been finalized.

DB Non-Life Insurance announces the progress of executives for each agenda of the law and checks the progress through the monthly Consumer Policy Committee. Last month, executives and employees made a declaration ceremony for consumer protection, and a ceremony for the business family to comply with the complete sale, strengthening their determination to comply with the law. Currently, related educational materials are provided and in-house broadcasting is continuously being operated.

Hanwha Insurance is scheduled to hold a financial consumer protection declaration ceremony on the 23rd. Online pledges are also received for employees. CEO Kang Seong-soo is planning to conduct a communication broadcast through related Q&A to raise employee awareness in the in-house broadcasting. A video to be used for weekly information meetings for recruiters is also being produced. A leaflet to promote consumer education will also be produced and distributed.

Meritz Fire & Marine is receiving feedback by creating a checklist that the relevant departments should respond to, focusing on the consumer protection part. Legal advice is also being prepared through a law firm.

Since December of last year, Heungkuk Fire & Marine Insurance has been working on a variety of ways to share key issues of the prohibition law with its executives and employees by producing its own video. In January of this year, a TF was formed to cope with the law, and 18 issues were discovered, thereby making efforts to implement the law both online and offline.

Recently, an education was conducted by producing a video of’Online Complete Conquest of the Financial Consumer Protection Act’ for executives and employees who perform sales-related tasks. In order to evaluate the understanding of executives and employees, online video training with self-tests is also scheduled to be conducted in the first and second sessions.

In addition, a screensaver (screen saver) exclusively for employees, homepage pop-ups, leaflets, etc. will be produced and promoted so that employees can better understand and implement the prohibition law.

Even though insurance companies are preparing various things, anxiety and tension coexist. They are concerned about the disgrace modifier of being the first financial company or insurance company to violate the prohibition law.

An industry insider said, “If it is the first target in the enforcement of the Anti-Solar Act, it can be fatal in terms of image and reliability,” he said. “I want to avoid becoming a demonstration case at least first.”