Kwon Daeyoung: "Information Sharing and Legal Revisions Needed to Combat AI Insurance Fraud"

Remarks at the Launch of the "National Assembly Forum on Preventing Insurance Crime"

National Assembly, experts, related agencies, and insurance industry seek legal and institutional improvements

Lee Byungrae, Chairman of the General Insurance Association: "A cross-ministerial response framework is needed"

Kwon Daeyoung, Vice Chairman of the Financial Services Commission, stated on the 16th, "In order to respond quickly to insurance fraud that exploits artificial intelligence (AI), it is crucial for relevant organizations to share information about suspected cases, and legislative measures, such as revising related laws, are also needed to support this."

Kwon Daeyoung, Vice Chairman of the Financial Services Commission, is speaking at the 'Financial Sector Artificial Intelligence Transformation Field Meeting' held on the 18th at the Grand Conference Room of the Korea Financial Telecommunications and Clearings Institute in Jung-gu, Seoul. Photo by Yonhap News Agency

Vice Chairman Kwon made these remarks at the launch ceremony and seminar of the "National Assembly Forum on Preventing Insurance Crime," held at the National Assembly Members' Office Building in Yeouido, Seoul, on this day.

The event was hosted by Assemblyman So Byung-hoon of the Democratic Party of Korea, who leads the forum, and Jeong Jeom-sik, floor leader of the People Power Party, with the General Insurance Association of Korea and the Korea Institute of Criminology and Justice serving as organizers.

The forum was established to develop insurance fraud-related policies, improve laws and systems, and build a cooperative structure among the National Assembly, experts, relevant institutions, and the insurance industry, in order to respond effectively to increasingly sophisticated and organized insurance crimes. Through expert seminars and academic research, the forum plans to identify and discuss ways to improve laws and systems related to insurance fraud, develop preventive policies, and strengthen detection and investigation frameworks, with the results to be linked with legislative actions in the National Assembly.

The first part of the event began with opening remarks by Assemblyman So and Floor Leader Jeong, followed by congratulatory speeches from Park Deok-heum, Deputy Speaker of the National Assembly, and Han Byung-do, floor leader of the Democratic Party, and welcome addresses from Lee Byungrae, Chairman of the General Insurance Association, and Jeong Ungseok, President of the Korea Institute of Criminology and Justice. The purpose of establishing the forum and its future plans were presented, and letters of appointment were awarded to the forum representatives and advisory committee members, followed by a commemorative photo session.

The second part of the event, under the theme "Innovative Measures for the Insurance Fraud Response System," featured research presentations on information linkage between the public and private insurance sectors, and the establishment of joint response systems among related organizations.

Professor Jung Youngjin of Inha University’s Department of AI and Data Law explained the need for information linkage between the public and private insurance sectors and presented effective measures for building such a system. Dr. Lee Bomi, former researcher at the Korea Institute of Criminology and Justice, discussed the necessity of cooperation among relevant agencies for effectively responding to insurance fraud and suggested ways to allocate roles and establish joint response frameworks between institutions.

Vice Chairman Kwon stated, "Insurance fraud has evolved beyond individual misconduct into an organized crime involving collusion among medical institutions, repair shops, brokers, and agents. Generative AI and deepfakes are now being misused for such fraud as well. In June, the Financial Services Commission launched the 'AI-Based Insurance Fraud Prevention Task Force (TF)' and is currently discussing with relevant organizations the development of a platform to counter generative AI-driven insurance crimes."

Chairman Lee remarked, "Since it is difficult for individual organizations to fully address insurance crime on their own, it is necessary for the National Assembly, government, investigative agencies, research institutions, and the insurance industry to work together to establish a systematic, cross-ministerial response framework. The General Insurance Association will actively contribute to building such a response system as the secretariat of the forum."

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