Expanding Data Openness... Creating AI Insurance Recommendation Program with 52 Million Sample Data

[Asia Economy Reporter Kim Hyo-jin] Big data on insurance subscriptions and cancellations held by the Credit Information Service will be significantly opened to the outside. The opening of big data on payment information from the Korea Financial Telecommunications and Clearings Institute will also be gradually expanded.

The Financial Services Commission (FSC) announced on the 1st that it is promoting such measures to promote digital financial innovation through the opening of financial big data.

The FSC plans to sample and de-identify the insurance sample database (DB) of about 52 million people managed by the Credit Information Service, including insurance subscription and cancellation details and collateral details, and provide it from next month to external research institutions selected through screening.

The FSC expects that various types of services, such as lifecycle-based customized insurance recommendation artificial intelligence (AI) programs, will be developed as a result.

In addition, the FSC will provide an educational credit information DB starting today. The DB will be distributed to the Financial Data Exchange in the form of virtual data with no risk of personal information leakage, allowing educational institutions and others to download and utilize it.

Also, a pilot service for customized DBs tailored to the purposes of users, such as analysis of financial transaction status for specific age groups, will be introduced within this year, and the performance of remote analysis servers will be enhanced to enable the use of AI analysis technologies requiring high performance, such as deep learning.

The financial big data opening system (CreDB) will also introduce a convergence DB service this year that combines credit information with financial and non-financial information from other institutions such as telecommunications and distribution. In the mid to long term, the construction of convergence DBs combining data between public sectors will be promoted through collaboration with other public sector big data centers beyond finance.

The FSC plans to gradually expand the utilization of payment-related big data from the Korea Financial Telecommunications and Clearings Institute according to a three-stage roadmap of 'analysis - opening - combination.' First, within this year, the Korea Financial Telecommunications and Clearings Institute will analyze payment information big data and provide the results to financial companies for use in improving their operations.

In the first half of next year, based on the revised Credit Information Act, the 'Financial Payment Big Data Opening System' will be established to open information externally, receive and combine data from financial companies, fintech companies, and general companies, and provide it in the form of pseudonymized and anonymized information.

The FSC expects that as data fusion between different industries is activated, opportunities for new big data and AI-related businesses for fintech companies and startups will increase, and consumer convenience will be enhanced through the development of customer-tailored services.

The FSC announced that it will form the 'Big Data Activation Promotion Council (tentative name)' next month to continuously promote policies for big data activation.

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