Public MyData Can Also Be Used in Insurance

No Need for Various Certificate Issuances... Simplified Registration Process

Starting as early as the second half of this year, various insurance-related documents can be conveniently submitted to insurance companies through public MyData (personal credit information management) services without having to visit the issuing institutions in person.

According to the Life Insurance and Non-life Insurance Associations on the 13th, the Ministry of the Interior and Safety has approved the use of public MyData services in the insurance sector promoted by the insurance industry. The public MyData "insurance bundled information" has passed the Ministry of the Interior and Safety's Personal Information Provision Review Committee.

The public MyData service allows individuals to receive their personal information scattered across various administrative and public institutions in data form or request that it be transmitted to third parties. Financial institutions such as insurance companies will be able to receive certificates and other documents directly in data form instead of paper form.

The certificates usable for insurance subscription and payment review include a total of 28 types, such as resident registration certificates and abstracts. Consumers will no longer need to issue and submit such documents, and insurance companies will be able to simplify the collection, input, and management of certificates, enabling more efficient insurance operations.

For example, business operators of disaster-vulnerable facilities such as restaurants and lodging businesses, which are required to subscribe to disaster liability insurance, had to issue and submit business registration certificates directly from community service centers or online (such as Government24) when subscribing to insurance. With the introduction of public MyData, the National Tax Service will directly provide such documents to insurance companies, simplifying the subscription process.

An association official explained, "By applying for the use of insurance fraud 'insurance bundled information' and linking it with our own systems, it is expected to be available as early as within this year."