The Insurance Development Institute of Korea is enhancing collaboration with the Malaysian insurance service agency, ISM, through joint workshops focused on climate change, artificial intelligence (AI), and insurance fraud prevention.
The institute announced on July 12 that it held a joint workshop with ISM in Kuala Lumpur, Malaysia, from July 9 to 10.
This workshop is part of a practical cooperation program following a memorandum of understanding (MOU) signed in 2024. It moved beyond traditional training exchanges to a more interactive collaboration where both countries' insurance institutions shared experiences and expertise.
The workshop was structured around three main topics at ISM's request: climate change response, big data analysis and utilization, and insurance fraud prevention.
The Insurance Development Institute presented case studies on climate risk management, innovative insurance product development, data governance operations, and the use of external data. It also shared examples of detecting insurance fraud using AI, accident recorders, and accident video analysis, as well as natural language processing-based fraud detection technologies.
ISM showcased its experiences in managing flood risk, its insurance fraud intelligence system, claims database operations, and data exchange platforms, highlighting the Malaysian insurance market's response strategies.
Huh Chang-eon, president of the Insurance Development Institute, stated, "The challenges posed by climate change, the introduction of AI, and increasingly sophisticated insurance fraud are significant issues facing the global insurance industry. I hope this workshop will enhance the practical response capabilities of both countries."
* This article has been translated by AI.
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