Shinhan Life strengthens consumer protection with GA, aims to build sound sales culture

[Financial News] Shinhan Life is joining forces with general agency (GA) Global Financial Sales to strengthen financial consumer protection and internal controls.
Shinhan Life said on the 31st that it signed a memorandum of understanding (MOU) with Global Financial Sales on the 28th at Shinhan L Tower in Jung District, Seoul, to reinforce consumer protection and internal controls.
Thirteen key officials from both companies attended the ceremony, including President Chun Sang-yung and Global Financial Sales CEO Kim Jong-seon. The two sides agreed to cooperate on third-party risk management for outsourced work, complaint prevention, customer information protection and management, and value-based management centered on financial consumers.
In particular, given the long-term nature of life insurance products, they plan to strengthen consumer protection from the sales stage and continue preventive activities at both headquarters and sales sites.
In April, Shinhan Life held a "Consumer Protection Practice Declaration Ceremony" and emphasized management that puts customers first. It has also been working to prevent incomplete sales and spread a customer-oriented sales culture by designating a "Consumer Protection Day."
A Shinhan Life official said, "Financial consumer protection is an important foundation for building trust in the insurance industry," adding, "We will continue to work so that we can become a customer-friendly life partner." 

[email protected] Hong Ye-ji Reporter