Korea Credit Information Services to Provide Sample Insurance Credit Information Database Starting August

[Asia Economy Reporter Kim Min-young] Financial companies and fintech (finance + technology) firms will have access to insurance credit information.

The Korea Credit Information Services announced on the 30th that it has completed the development of a sample database (DB) for insurance credit information and will provide the service starting in August through the financial big data open system "CreDB".

Last year, the Credit Information Services provided sample DBs for personal and corporate credit information, and with the addition of the insurance credit information sample DB this time, CreDB users will now be able to analyze data using personal, corporate, and insurance credit information.

The Credit Information Services plans to accept applications for use through the CreDB service homepage from the 1st to the 17th of next month, conduct reviews, and provide the service starting in August.

The insurance credit information sample DB includes insurance contract and collateral information for approximately 2.6 million individuals, representing 5% of the credit information subjects registered in the Credit Information Services' insurance credit information DB. It has been developed with de-identification measures to prevent identification of specific individuals, allowing financial companies, fintech firms, academia, and others to use it for statistical compilation and research purposes. Advanced analysis based on artificial intelligence (AI) is also possible.

Shin Hyun-jun, president of the Credit Information Services, stated, "With the expansion of services to include insurance credit information DB this year following personal and corporate credit information, CreDB is expected to firmly establish itself as a hub for financial big data utilization and significantly contribute to the creation of a big data ecosystem."

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