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A Study on Measures to Enhance the Reliability of Insurance Industry

  • Journal of Insurance and Finance
  • 2007, 18(3), pp.3-35
  • Publisher : Korea Insurance Research Institute
  • Research Area : Social Science > Business Management

Lee Soon-Jae 1,  Jeong Jung-young 2

1세종대학교 경영학과
2동의대학교 금융보험학과

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ABSTRACT

The purpose of this paper is to measure the level of Korean insurance industry's social reliability and suggest measures to restore the trust of the insurance industry through reforming the customary practice. This study analyzes the cognition of domestic insurance CEOs, policyholders, and newspapermen on the level of social reliability, the causes of low reliability, and the measures of enhancing the reliability level. For the analysis of survey questionnaire, partially ranked data analysis was employed. The results show that most respondents recognize that the reliability of insurance industry is lower than that of other financial industry such as banks and securities firms. The main reason for this low reliability is the lack of sales forces' specialty, the complexity of insurance products and contracts, and negative media release about insurance industry. To enhance the social reliability level of insurance, establishment of the future insurance image is essential, and that can be achieved through strengthening the school education and public relations. The customer-oriented management as well as the reinforcement of ethics management needs to be settled down through quality assurance and complete sales. To make it successful, the insurance industry's implementation should be autonomous, the supervisory authority's continuous effort to improve the system is needed, and effectiveness needs to be enhanced though the cyclical check of insurance companies.

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