Korea Credit Information Services Establishes Insurance Credit Information Statistics System

[Asia Economy Reporter Minwoo Lee] A system that allows users to query statistics related to insurance contracts will be established.

The Korea Credit Information Services announced on the 5th that it has started operating the "Insurance Credit Information Regular Statistics System" from this month. Through this system, 44 member institutions, including insurance companies and postal offices, can query monthly statistics on contracts, coverage, and payments processed based on the insurance credit information they hold.

Users can set conditions such as query period, payment frequency, recruitment channel, subscriber's gender and age, and type of insurance to retrieve statistics composed of insurance contract and coverage information. This can be used to understand rankings and market shares within the industry and to develop product strategies.

Additionally, detailed statistics such as new contracts, canceled contracts, subscribed coverage, contract transfers, and insurance payments within the industry by condition can be utilized for contract underwriting reviews.

Shin Hyun-jun, President of the Credit Information Services, stated, "We will continue to expand regular statistics reflecting new demand by insurance type and develop multidimensional analytical indicators for the insurance market to enhance the utilization of insurance credit information through the expansion of high-quality statistics."

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