No Physical ID Needed... Kyobo Life Introduces Mobile Driver's License

First Use of Digital ID for Identity Verification in the Insurance Industry

[Asia Economy Reporter Minwoo Lee] Kyobo Life Insurance is the first in the insurance industry to verify customer identity using a mobile driver's license.

Kyobo Life Insurance announced on the 30th that it will start an identity verification service using the digital ID, the mobile driver's license.

The mobile driver's license is an official digital ID issued by the government. It holds the same legal effect as a physical driver's license. It can be issued and stored on an individual's smartphone through a mobile ID application (app). Currently, 13 banks including Kyobo Life Insurance offer this service.

Kyobo Life Insurance is the first in the insurance industry to allow the mobile driver's license for identity verification procedures. From today, customers can visit Kyobo Life Insurance Customer Plaza and use the mobile ID app to scan a QR code and authenticate, enabling them to handle all insurance-related tasks such as insurance claim filing and payment, insurance contract loans, and dividend receipt.

In particular, when presenting the ID, customers can selectively provide personal information to the other party. By securing stability through blockchain decentralized identity verification (DID) technology, it is expected to prevent financial accidents caused by forgery or alteration of IDs.

Jung Bonghyun, Head of IT Support at Kyobo Life Insurance, said, "With the introduction of the mobile driver's license identity verification service, we have taken a leading role in the government-led ID platform project," adding, "We will strive to provide safer and more convenient digital financial services to customers by expanding the application of mobile ID verification services to national merit certificates, resident registration cards, and more in the future."