Life Insurance Selects 1,000 'Golden Fellows'... Average 23.5 Years of Service and Annual Income of 270 Million Won

[Financial News] This year, 1,000 insurance agents were selected as 'Golden Fellows,' considered the highest honor in the life insurance industry. Their average length of service reached 23.5 years, and their average annual income was recorded at 270.56 million won. High insurance policy retention rates and performance in complete sales also stand out.
The Korea Life Insurance Association announced on the 3rd that it held the 10th Golden Fellow certification ceremony at the Shilla Hotel in Seoul under the theme "Trust-Giving Golden Fellow, Trusted Life Insurance."
Golden Fellow is a system introduced by the Korea Life Insurance Association in 2017 to commemorate the 10th anniversary of the introduction of the Certified Excellent Planner system. It is selected from planners who have been certified as Excellent Planners five or more times consecutively, based on a comprehensive evaluation of their length of service, insurance policy retention rate, income, contribution to the company, and whether or not they engaged in mis-selling.
The 1,000 Golden Fellows this year account for approximately 0.83% of the total 120,813 life insurance agents. Compared to the 11,460 excellent certified agents this year, this represents about 8.7%.
The sales performance of the Golden Fellows was also reflected in insurance contract retention rates. The average retention rate for the 13th installment was 98.4%, and for the 25th installment, it was 93.6%, with zero cases of mis-selling.
When compared to Excellent Certified Planners, the long-term sales competitiveness of Golden Fellows is even more pronounced. The average registration period for Excellent Certified Planners was 17.7 years, and the retention rates for the 13th and 25th installments were 97.5% and 91.0%, respectively. The average annual income was 142.64 million won, which is about half the level of Golden Fellows.
Representative Yoo Dong-soo of the Democratic Party of Korea, Chairman of the National Assembly's Political Affairs Committee, Shin Jin-chang, Secretary General of the Financial Services Commission, and CEOs of life insurance companies attended the event to congratulate and encourage the Golden Fellows.
Kim Cheol-ju, Chairman of the Korea Life Insurance Association, stated, "The most important asset of the life insurance industry is trust," adding, "The trust built by insurance agents has led the history of the life insurance industry's growth."
He continued by emphasizing, "While digital technology and artificial intelligence (AI) are rapidly changing the way finance is conducted, understanding customers' lives and standing by their side during difficult times is ultimately the responsibility of people," adding, "As the digital era deepens, the value of a good insurance planner will actually increase."
Shin Jin-chang, Secretary General of the Financial Services Commission, also stated, "The Golden Fellow certification is a record proving the depth of trust in customers," and urged them to "strive to ensure that consumers make the right choices and receive the coverage they expect."
[email protected] Hong Ye-ji Reporter