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South Korean agents protest as big tech eyes insurance distribution

Traditional insurance agents have opposed the new services that South Korean technology firms are set to launch, claiming it will deal a heavy blow to local general agents, who partner with insurance carriers to market and distribute their products. Some 300 insurance agents held a protest in front of President Yoon Suk-yeol’s office in Yongsan, central Seoul against the government’s support of tech entering the business. The Insurance Agency Association claimed the Financial Services Commission (FSC) has refused to discuss with them the matter and has failed to give them feedback after it received only a single round of opinions from general agents. The FSC’s latest decision is part of efforts to lower the regulatory barriers between the industrial and financial sectors for economic growth. The new services allow users to compare different insurance products on their platforms.

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