Eun Sung-soo: "We Will Develop Measures to Promote Artificial Intelligence in the Financial Sector"

Eun Sung-soo, Chairman of the Financial Services Commission, is speaking at the demonstration event of the voice phishing prevention service held at the Shinhan Bank headquarters in Jung-gu, Seoul on the 24th. / Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Oh Hyung-gil] Financial authorities have decided to establish measures to promote artificial intelligence (AI) in the financial sector.

On the afternoon of the 9th, Eun Sung-soo, Chairman of the Financial Services Commission, visited the Automobile Technology Research Institute of the Korea Insurance Development Institute in Icheon, Gyeonggi Province, and demonstrated an AI-based automobile insurance claims service. He stated, "Starting this month, we will operate a working group to develop measures to promote AI in the financial sector focusing on three pillars: regulatory improvement, infrastructure establishment, and consumer protection."

The AI-based automobile insurance claims service is a technology that automatically calculates the estimated repair cost by analyzing photos of the accident vehicle. The AI independently interprets the types of parts and the extent of damage, shortening the time required for insurance payment and is expected by the Korea Insurance Development Institute to reduce related disputes.

Chairman Eun highly praised this service as an excellent example of technological convergence that can enhance consumer benefits. He said, "With technological innovation, the structure and landscape of the financial industry are rapidly changing," and emphasized, "In the post-COVID era, trends such as the deepening of economic digitalization and the promotion of untact services will accelerate even more."

Chairman Eun urged, "For the sustainable growth of the insurance industry, please continue various efforts and attempts to adapt to these structural environmental changes," and added, "Through the financial regulatory sandbox and continuous regulatory improvements, we will actively support the enhancement of capabilities and innovation in the insurance industry."

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