KIDI is the only institution in Korea that specializes in the collection of insurance statistics from industry-wide policy-based contract and claims data. It provides statistical data that meets the ever changing needs of the highly competitive insurance industry.
Workflow of Insurance Statistics Services
Collection of Insurance Raw Data
KIDI collects and manages policy-based contract and claims data submitted from all life and non-life insurance companies in Korea. Non-life business data are from twelve lines of business including automobile, fire, cargo, hull, long-term non-life, casualties, workers compensation and guarantee insurance, etc. Policy and claims data from all life insurance and retirement pension plans are also collected.
Production of Insurance Statistics
After being collected from various entities, insurance raw data is processed and converted to produce insurance statistics by lines or types of risks. In addition to publishing the Yearbook and Monthly Insurance Statistical Reports, KIDI has produced yearly statistics and Rate-review Reports by lines of business every year. For the purpose of providing underwriting and pricing support to insurance companies, KIDI runs various production systems such as the merit-demerit system, the Mortality/Morbidity calculation system, and the risk-factor-based loss analysis system. KIDI goes beyond traditional statistical analysis services for ratemaking and risk calculation and provides comparison or link analyses between lines of business or between domestic and foreign statistics, as well as tailored statistical analyses for specific companies. These services, which enhance the overall competitiveness of the insurance industry, are especially useful in product development, marketing, and profit management.
Analysis and Delivery of Insurance Statistics
To accommodate increasing demands for insurance statistics, KIDI has constructed a datawarehouse for twelve lines including Life,Non-Life, Automobile insurance, etc. The online analysis system uses the datawarehouse to let end-users directly produce and analyze their own statistical data for efficient ratemaking and data validation. KIDI provides the aforementioned statistics and services to insurance companies through various publications, seminars, and its statistical system. Insurance companies utilize these outlets to analyze the adequacy of its rates and risks, and also to establish strategies for marketing and underwriting.