Insurance comparison services for big tech and electronic financial companies, which were suspended due to the implementation of the Financial Consumer Protection Act on September 25 last year, will be available from October. The Financial Services Commission recently announced that it would allow regulatory exceptions to hold the financial regulatory innovation meeting and to compare insurance for platform operators by applying and reviewing companies. In this way, the temperature difference between the platform, fintech, and insurance industry is clear. However, the platform and fintech, which seemed to be in this way, are also unsatisfactory, so it is noteworthy that the details will be revised in the future.
Financial Services Commission October Special Cases of Regulation… Revision of Supervision Regulations in 2023
The insurance comparison service provided by some platforms and fintech is expected to be provided again in October. The Financial Services Commission viewed the comparison act as a ‘brokerage’ act, and it was not possible to service without a brokerage license under the Geum Law Law. Among them, online platforms, etc., have no law provisions to obtain a license to compare insurance. Big Tech and Fintech are considering restarting service as insurance comparison is possible by allowing regulatory exceptions.
The Financial Services Commission divided the brokerage into five stages. ▲ Step 1 (recommendation) ▲ Step 2 (description) ▲ Step 3 (Subscription) ▲ Step 4 (Conclusion Conclusion) ▲ Five-step (follow-up), etc. In other words, customers can compare auto insurance on the platform, but the follow-up process should be through each insurance company or a designer.
In addition, the product structure such as life, variable, and foreign currency insurance is complicated, or high-liquid contracts cannot be compared on the platform.
However, among the comparable insurance products, all channels (face-to-face, telemarketing, cyber marketing) are compared.
Big Tech · Fintech It’s not a strict brokerage… No innovation
Big Techs are tingling. The big tech industry says, There is nothing special that the Financial Services Commission’s decision has returned before September 25 last year.
The Financial Services Commission said that it is possible to broker the platform operators, but the service that can be done was limited to the recommendation of insurance products and the connection of operators.
A company official said, There was a great expectation that the intermediary was allowed, but it was not less than the previous level comparison on September 25. I pointed out.
An official of Company B said, In view of the fact that regulations such as the prohibition of driving affiliates are provided, the platform that made a subsidiary GA should be considered how to save synergy with GA. If you look at the regulations that apply to them, there is little expectation that it will be innovative.
An official of Company C is also preparing to resume the service, but the product that can be sold is not clear, such as the differential regulation between the platform and the fintech, and it is limited. Diagnosis.
In this controversy, the Financial Services Commission seems to be one step. If you look into the regulatory device, it is not possible to compare the insurance products and allow services such as comparison and analysis using big data. The Financial Services Commission emphasized, The platform can only be compared and recommended using big data analysis technology.
Insurance dealership and industry Infringement of alleys
The Insurance Agency Association strongly insisted that allowing insurance brokerage of online platforms at the resolution on the 22nd was a matter of survival. The Insurance Agency Association said, If the online platform enters, there is a side effect of deepening the conflict between insurance sales channels and continuing to encourage unnecessary competition with existing workers. You can also hold a resolution in the future.
The overall response in the insurance industry is also negative. Insurance industry officials said, Most non-insurers selling auto insurance have their own direct homepage. So far, consumers have been introduced through each company’s homepage. I know that most of the insurers are adhering to the opposite position because they have to pay unnecessary expenses such as advertising costs and commission expenses on the online platform.
The Financial Services Commission is observed that it has virtually narrowed the deregulation by accepting the backlash of the insurance industry. Unlike the insurance agency on the platform, the product is limited to the product, and some Victive is considering placing the bancassurance rule.
The Financial Services Commission said, The general insurance agent needs to consider that consumers voluntarily connect to the purchase of insurance products, while the platform needs to consider that consumers are involved in insurance marketing. We have potential customer information and have superior market dominance.