The Financial Services Commission said on the 4th it will launch a pan-government and related-agency joint task force (TF) to counter insurance fraud using artificial intelligence (AI).
The TF will be flexibly run with government, related agencies, and industry participants from the Insurance Investigation Council as its core members, while allowing relevant experts to join as needed. The TF will consist of three subcommittees: legal and institutional, data, and infrastructure.
The TF plans to focus on advancing the insurance fraud response platform so it can counter AI-enabled crimes with AI, and on implementing traditional detection methods—such as original document verification—that underpin AI-based responses to insurance fraud. It also plans to ensure that policyholders' rights and interests, including personal data protection, are not infringed during improvements to the anti-fraud system.
In particular, it will push to upgrade Korea Credit Information Service's AI-based Insurtech platform into an integrated, sector-wide anti–insurance fraud infrastructure. By subcommittee, key tasks will include establishing a legal basis to centralize and share insurance fraud information, selecting additional information to centralize and share for fraud detection, preparing measures for real-time information sharing among the insurance sector and related agencies, and conducting AI-driven analysis of insurance fraud patterns and developing risk indices.
The Financial Services Commission (FSC) plans to operate the TF for the next three months and draw up the "AI-based insurance fraud prevention system plan" in Sep. It will then promptly push follow-up measures from Oct., including revising relevant laws and advancing the platform.