Cho Chang-eon, the president of the Korea Insurance Development Institute, said at a New Year press conference on the 5th, "Insurance must reach the public more conveniently and safely now," and unveiled plans to enhance innovative insurance services and social responsibility that people can actually feel.
On this day, Cho noted, "The past year was a period when the Korea Insurance Development Institute laid the foundation for the hyper-connected era by utilizing Insure24 and A.I. and big data amid changing market conditions such as low birth rates, an aging population, and climate crises," adding, "2025 will be a year when the Korea Insurance Development Institute transforms into a 'platform' for the insurance industry in the hyper-connected era, contributing not only to the insurance industry but also to the nation and its people."
He also stated that the Insure24 app service will be available for use at hospitals and pharmacies across the country, making it easier for people to use insurance services. Cho explained that "Insure24 is a service that has innovatively changed the inconvenient claims process, allowing even local hospitals and pharmacies to easily enjoy benefits without paper documentation through system establishment support."
He mentioned that they would also provide insurance premium discounts and other benefits to safe drivers through the 'driving behavior data platform' developed jointly with the insurance industry. Cho said, "The combination of data and technology in the insurance industry enables more systematic data utilization than existing platforms, contributing significantly to reducing traffic accidents and protecting public safety."
Additionally, through the "Insurance Information Big Data Platform (BEGIN)," the Korea Insurance Development Institute will actively utilize big data and AI technology to provide various user-customized content. He also noted that they will support a disaster safety insurance platform, allowing anyone to easily check mandatory insurance, ensuring that citizens receive complete compensation while contributing to public safety and convenience.
Furthermore, to address low birth rates, he stated they would expand the development of products that cover risks related to pregnancy and childbirth, and support the development of products that cover newly emerging risks in response to climate change. He also mentioned investigating overseas cases of liability insurance to protect citizens' ordinary lives and make them safer, along with supporting the activation of liability insurance for new risks.
He continued that they would build an insurance data mart that collects the insurance information of policyholders and provides a detailed analysis by life cycle.
Moreover, the system will be revamped to enable insurance companies to actively develop insurance products that consumers desire, utilizing data related to hospitalization, surgery, nursing, and treatment for specific diseases. They will also support the development of various products for individuals with medical histories such as cancer, cerebrovascular, and cardiovascular diseases, allowing them to conveniently select simplified disclosure products that suit their health conditions.
In addition, he noted they would expand the target countries for the support project for the development and establishment of the Korean-style insurance (K-Insurance) infrastructure, which they have been continuously pursuing, to the entire Asia region. Cho stated, "Based on Korea's advanced domestic insurance system and data, we will enhance the status of K-Insurance in the global market, and actively support Korea's insurance companies in their overseas expansion by creating a familiar insurance environment in Southeast Asian markets."
He also revealed plans to analyze accident videos from vehicle black boxes engineering-wise, such as speed and direction, to detect suspected intentional accidents and to expand the provision of injury risk analysis reports for minor accident passengers, contributing to preventing insurance loss.
Cho Chang-eon said, "We will support the insurance industry to approach the public more conveniently and safely based on big data and AI, continuing innovations that can meet various consumer needs."