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The 13th Asia Insurance Forum

2020.07.24

Young Soo Oh, a senior advisor at Kim & Chang, participated in a panel discussion titled, “Ways to Improve the Sales Culture of Face-to-Face Channels for a Digital Insurance Era” at the 13th Asia Insurance Forum, which was held at the Korea Chamber of Commerce and Industry on July 24, 2020.

During the panel discussion of this forum, which was co-organized by Korea Insurance News, China Insurance News and Hoken Mainichi Shimbun, Dr. Oh emphasized the importance of sales channel innovation and self-regulation.

Dr. Oh stressed that it is important to identify the most optimal and appropriate way to develop each sales channel, as diversification of and advancements in sales channels are expected due to the digitalization of the insurance industry, accelerated separation between product design and sale of insurance products, and emergence of a new financial consulting industry. In addition, Dr. Oh stated that as insurance sales become more consumer-oriented, insurers should be given greater regulatory flexibility to introduce hybrid channels for consumer convenience.  Furthermore, for mis-selling cases, Dr. Oh suggested that insurance regulations should be shifted to take into account the particular characteristics and financial ability for indemnification of the sales channel when holding sales channel liable for mis-selling.  Dr. Oh also proposed that the government should promote self-regulation by insurers and sales channel by establishing self-regulation requirements suitable for the particular characteristics of each sales channel.

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