Main Channel for Sales of Insurance Products Differs by Product Type | Be Korea-savvy

Main Channel for Sales of Insurance Products Differs by Product Type

(Image: Korea Bizwire)

(Image: Korea Bizwire)

SEOUL, Feb. 17 (Korea Bizwire)The main channel for sales of life insurance products is insurance consultants while that for non-life insurance products is online, according to a report released by the Financial Services Commission.

The Korea Insurance Research Institute and market research firm Nielsen Korea carried out a joint survey of 1,026 insured consumers last year.

The share of those who subscribed to life insurance, injury and disease insurance, and saving insurance products via insurance consultants was estimated at 79.8 percent, 68.5 percent and 58.3 percent, respectively.

About 50 percent of already insured clients showed a tendency to select the same insurance company when attempting to purchase additional insurance products.

The report noted that despite the fact that about 30 percent of life insurance clients are not satisfied with their insurance companies, they tend to select the same companies when purchasing additional policies, indicating a ‘lock-in’ phenomenon.

In contrast, the subscription channel for non-life insurance products varied. The main channel of subscription for car insurance was online (including mobile), which accounted for 57 percent.

Lina Jang (

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