Financial Services Commission Reappoints Fintech 'MindsLab' as Designated Agent

"Providing Innovative Financial Services through Collaboration with Financial Companies via the Designated Agent System"

[Asia Economy Reporter Park Sun-mi] Fintech company MindsLab was re-designated as a 'designated agent' by the Financial Services Commission on the 5th.

On the 7th, the Financial Services Commission announced that it held the 7th Designated Agent Review Committee on the 5th and designated fintech company MindsLab as a designated agent. A designated agent is a system that allows fintech companies to pilot innovative financial services developed by them in collaboration with financial companies.

MindsLab was first selected as a designated agent in March 2019 but applied for a new designation to expand its existing services, and was re-designated after the 7th Designated Agent Review Committee review this time.

The designated agent designation is for the "insurance policy loan service through AI voice bot." This service processes insurance policy loan applications, reception, review, and execution in a one-stop manner through an artificial intelligence (AI) voice bot.

By automating loan processing through AI's conversational functions (voice recognition and voice generation), work efficiency is greatly improved, and the costs incurred when counselors handle tasks directly are also reduced. It overcomes physical and time limitations of service provision, enabling an improvement in service quality.

Meanwhile, since the Financial Services Commission implemented the designated agent system in May 2018, it has designated 34 designated agents over seven rounds and has signed a total of 18 business consignment contracts to date. From the 15th until April 30th, applications for the 8th designated agent will be accepted, and reviews are planned to be conducted in July.

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