KIDI manages a comprehensive database which accumulates insurance contracts and claims data from insurers. It provides insurance statistics and information promptly and effectively through the Insurance Information Network that connects member companies, government and various organizations. Insurers use the system for ratemaking and rate verification, contract maintenance and claim payment.
Insurance Information Services
- - Insurance Information Network
- - Insurance Claims Pooling System
- - Basic File Interchange Management System
- - Carhistory Service
- - Car Accident History Inquiry System
- - Insurance Statistics Information Services
Law-based Information Services
- - Compulsory Auto Insurance Management Network
- - Electronic Cargo Insurance System
- - Traffic Violation Rates Inquiry System
- - Insurance Sub committee for Financial Informationization Promotion
Insurance Information Services
Insurance Information Network
The Insurance Information Network (IIN) connects KIDI with insurance companies, mutual associations, and various insurance associations. It offers approximately 70 million records per month through its servers and mass databases.
KIDI provides member companies with underwriting data such as automobile insurance contracts and claims, long-term non-life insurance contract information and workers compensation insurance merit-demerit data. Co-insurance information for marine and casualty insurance is also exchanged and transmitted through this network.
In the case of automobile insurance, the network provides underwriting information as well as details of the individual policyholder such as policy, claims, subscription history, merit-demerit data and traffic violation history to assist in the underwriting and claims payment processes.
KIDI also operates an automated pool assignment system in which policyholders rejected by automobile insurance companies are automatically assigned to member companies in the pool.
The system includes an individual policyholder inquiry system, a Scoring system which evaluates the level of insurance fraud risk, as well as ClaimsMap, which analyzes the relationship between the insured and all parties involved to detect any fraudulent activities.
Joint Record Keeping Service for Retirement Pension Plans
The joint record keeping service for retirement pension plans processes and stores retirement pension data from a consortium of participating life and non-life insurance companies. It also provides a working interface between the KIDI consortium and other record keeping service systems to ensure the stability of retirement pension business.
The Accident History Service for Used Vehicles (CarHistory, www.carhistory.or.kr) offers automobile insurance information to protect used car consumers, and ultimately aims to strengthen the transparency of the used car market.
Using the internet, CarHistory offers diversified information regarding the vehicle including the manufacturer, engine displacement, production year, the number of previous owners, and the history of commercial usage. It also provides the vehicle’s accident history including repair costs that was covered by insurance and extraordinary accidents such as total loss, flood damage, car theft, etc.
KAIRS(KIDI Artificial Intelligence Rate reviewing System)
KIDI recently launched a new AI-driven project called KAIRS. KAIRS allows for a much smoother insurance product validation process, which includes reviewing adequate rate premiums and reserve levels by comparing currently existing products to new, to be launched products Primary features include the Terms and Conditions Comparison System where it compares clarity of insurance policy clauses between two similar products, which is legally required. It also enables users to grasp the level of Mortality/Morbidity table for certain risk as compared to the industry level. It uses AI in building these functions to enhance efficiency and accuracy.
CAIS(Car Accident History Inquiry System)
In order to solve problems such as double claims and limitation of the field investigation, KIDI establishes CAIS (Car Accident History Inquiry System) and collects data on car accident information, vehicle breakage photograph and repair history information. We are also expecting certain improvement on loss ratio of the automobile insurance by increasing the efficiency of automobile compensation service and preventing leakage of claim.
INcos(Insurance Statistics Consumer Service)
Through INcos, KIDI provides useful insurance statistics information on Life, Long-term, automobile, non-life insurance area.
Law-based Information Services
Compulsory Automobile Insurance Management Network
KIDI operates a compulsory automobile insurance management network as part of a social safety net to prevent and reduce uninsured automobiles. The service is operated and maintained in collaboration with the government’s national information network. This network manages vehicle registration data from the Ministry of Land, Transport and Maritime Affairs, as well as policy information regarding compulsory automobile insurance from insurance companies and mutual associations, so that municipal governments, vehicle registration offices and police departments can quickly verify whether a vehicle has an auto insurance policy or not.
KIDI also regularly provides municipal governments with information on uninsured vehicles based on traffic violation records from the police and insurance policy data. Furthermore, KIDI also provides a public service where victims of car accidents involving uninsured or hit-and-run vehicles are able to receive compensation as quickly as possible. To do so, the system collects information regarding the offender from the National Police Agency’s database and provides it to the insurance company so that claimants can be indemnified.
Workflow of Compulsory Automobile Insurance Management Network
Data Relay Service from the National Electronic Trade System
To support international trade in Korea, KIDI, as a representative organization of insurers, relays cargo insurance subscription data to banks, trading companies, insurance companies, and local tax service offices in cooperation with uTradeHub, the national electronic trade system. It covers areas of trade automation such as insurance policy subscriptions, policy issues, endorsements with verification, as well as providing e-Document storage services for the Ministry of Knowledge Economy’s electronic trade document storage server.
Traffic Violation Rates Query System
To calculate auto insurance rates for the individual, KIDI receives traffic violation records such as driving under the influence or traffic light violations from the National Police Agency. Based on these records, KIDI produces traffic violation rates and provides them to insurance companies through an online inquiry system.