Korea Insurance Development Institute Partners with Mongolia's AMI to Share K-Insurance Expertise

Supporting the Establishment of an Integrated Information System for All Compulsory Insurance in Mongolia

On August 21, the Korea Insurance Development Institute announced that it had visited the Association of Mandatory Insurers (AMI) in Mongolia and signed a memorandum of understanding (MOU) for the development of the insurance industries in both countries.

The Korea Insurance Development Institute previously supported AMI in developing a management system for compulsory automobile insurance. With this agreement, the institute plans to support the establishment of an integrated information system for all compulsory insurance in Mongolia.

Heo Changun, president of the Korea Insurance Development Institute (right), signed a business agreement with Ulzibat Molomjamts, president of the Mongolia Compulsory Insurance Association (AMI), to support compulsory insurance enrollment in Mongolia. Korea Insurance Development Institute

Leveraging its experience in operating Korea's compulsory insurance enrollment management system, the institute intends to transfer its expertise and technology so that comprehensive management functions for compulsory insurance can be implemented in Mongolia. It also plans to cooperate in linking insurance big data with artificial intelligence (AI) to expand the scope of data utilization.

AMI has agreed to share the latest trends and information on Mongolia's insurance industry with the Korea Insurance Development Institute.

Ulzibat Molomjamts, president of AMI, said, "We aim to expand our functions in the future to play the role of a specialized insurance institution like the Korea Insurance Development Institute, and we hope for support in infrastructure learning and capacity building to achieve this."

Heo Changun, president of the Korea Insurance Development Institute, stated, "Expanding strategic partnerships with Mongolia, as well as Southeast Asia, will be an important opportunity to raise the status and international competitiveness of Korea's insurance industry. We will continue to promote exchanges and cooperation to expand our global insurance leadership."