'Compare and Recommend Insurance Products'... Online Platform Launching Early Next Year

Designation of Innovative Financial Services by the Financial Services Commission

On the 9th, officials were busy moving in the corridor of the Financial Services Commission at the Government Seoul Office in Jongno-gu, Seoul, where the financial authorities decided to include mortgage loans (Judaemae) in the 'debt refinancing' infrastructure scheduled to be launched in May by the end of the year. The financial authorities explained that they aim to reduce the interest burden on mortgage loans by establishing a debt refinancing platform that allows users to compare financial sector loan interest rates at a glance and switch loans easily. Photo by Dongju Yoon doso7@

Starting early next year, services that compare and recommend insurance products from multiple insurance companies will be launched on online platforms such as Naver Financial, BankSalad, Viva Republica, and Kakao Pay.

On the 19th, the Financial Services Commission announced at its regular meeting that it had designated insurance product comparison and recommendation services from 11 online platform companies as innovative financial services.

The FSC granted regulatory exemptions allowing applicants subject to Financial Supervisory Service inspections, such as personal credit information management companies, to compare and recommend insurance products through online platforms.

The services are limited to short-term insurance such as travel and fire insurance, automobile insurance, indemnity insurance, savings insurance, pet insurance, and credit insurance.

Before launching the service, the companies must have their algorithms verified for fairness by a trusted institution. They must not refuse partnership requests from insurance companies without justifiable reasons, and commissions are also capped at a certain limit. Processed information in the comparison and recommendation process must not be used or provided for purposes other than the original intent.

Additionally, the FSC designated as innovative financial services the 'mortgage loan comparison platform through loan agents' applied for by BankMall, BestFin, and Viva Republica, as well as the 'non-face-to-face real-name verification service using facial recognition technology' applied for by the Industrial Bank of Korea.

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