NongHyup Life Insurance and Korea Financial Telecommunications & Clearings Institute Introduce 'BioChain Authentication'

NH Nonghyup Life Insurance announced on the 5th that it will be the first in the financial sector to adopt the Korea Financial Telecommunications & Clearings Institute's 'BioChain Authentication' service.

[Asia Economy Reporter Oh Hyung-gil] NH NongHyup Life Insurance announced on the 5th that it will be the first in the financial sector to adopt the Korea Financial Telecommunications & Clearings Institute's 'BioChain Authentication' service.

The BioChain Authentication service allows users to access NH NongHyup Life Insurance application (app) login and financial transaction services without registering a separate authentication method. By simply agreeing to the terms of use and entering their real name number in the NongHyup Life mobile branch app, users can utilize various non-face-to-face services such as app login, insurance policy loans, and insurance claim submissions using their authentication methods registered with other financial companies.

This method shares the user's biometric authentication methods such as fingerprint, PIN (Personal Identification Number), and pattern registered in about 60 domestic financial company apps including insurance, banking, and securities through the Korea Financial Telecommunications & Clearings Institute's 'Joint FIDO'. Joint FIDO refers to the use of the biometric authentication international standard FIDO technology jointly by participating institutions through the Korea Financial Telecommunications & Clearings Institute's server.

The BioChain authentication service through Joint FIDO has the advantage of not requiring renewal due to expiration. Biometric information is stored only on the user's smart device and is not stored on the servers of the Korea Financial Telecommunications & Clearings Institute or financial companies, ensuring excellent security including personal information protection.

Hong Jae-eun, CEO of NongHyup Life Insurance, said, "We have provided customers with a safe and convenient BioChain authentication service they have never experienced before," and added, "We will continue to discover innovative services in response to the spread of untact (non-face-to-face) culture."