"Reducing Paperwork Burden"... Insurance Industry Expands MyData Utilization

The General Insurance Association of Korea, the Korea Life Insurance Association, and the Korea Credit Information Services announced on July 21 that they will support the digital transformation of the insurance industry, including enabling family relationship certificates to be used as public MyData.

Logo of the General Insurance Association of Korea

In particular, in addition to the existing 35 types of documents accessible through public MyData, such as resident registration certificates and transcripts, the process for submitting family relationship certificates—which were previously required for various insurance work such as enrollment, maintenance, and payment—will now be fully automated. This automation is expected to further enhance the convenience of financial services.

Cheoljoo Kim, Chairman of the Korea Life Insurance Association, stated, "This regulatory improvement is significant in that it expands the scope of public MyData usage across all insurance services. Now, family relationship certificates can be utilized throughout the entire process of insurance contracting, underwriting, and assessment, which will further strengthen the connection between administrative information and financial services." He continued, "This change will not only reduce unnecessary paperwork burdens for the public but also enhance the speed and accuracy of insurance work."

Byungrae Lee, Chairman of the General Insurance Association of Korea, commented, "Since general insurance is designed to protect people against a variety of everyday risks, it often requires verification of family relationships. Through this service expansion, we expect significant improvements in consumer benefits and convenience when purchasing insurance and filing claims."

Yusam Choi, President of the Korea Credit Information Services, also remarked, "This new service is an exemplary case resulting from the proactive administration by the Ministry of the Interior and Safety. Public MyData is a policy for everyone, reducing the burden of document submission for the public and increasing work efficiency for financial institutions based on accurate data."

Insurance services that utilize family relationship certificates via public MyData will be introduced sequentially by major insurers such as KB Insurance, Samsung Fire & Marine Insurance, Samsung Life Insurance, NH NongHyup Life Insurance, and DB Insurance. A representative of the General Insurance Association of Korea said, "If all insurance companies participate in the expanded use of public MyData, it is expected to streamline the administrative burden for approximately three million cases per year involving the submission of family relationship certificates in the insurance industry."

This content was produced with the assistance of AI translation services.