Customers will no longer need to issue and submit family relationship certificates during the insurance enrollment and claims process. KB Insurance is the first to implement this service, with other major insurers set to follow suit.
The Korea Life Insurance Association, the General Insurance Association of Korea, and the Korea Credit Information Corporation announced on July 21 that they will automate the submission of documents required for insurance enrollment, maintenance, and claims by utilizing family relationship certificates through public mydata.
Public mydata is a service that electronically provides personal information held by administrative agencies to financial companies with user consent. The scope of this service has been expanded to include family relationship certificates, in addition to 35 other types of documents such as resident registration and vehicle registration.
As a result, customers will no longer need to submit separate documents for family discounts, child rider provisions in auto insurance, changes to policyholders and beneficiaries, and verification of insured individuals under family liability insurance. The child rider provision in auto insurance can offer discounts of up to 23.2%, depending on the insurer and enrollment conditions.
KB Insurance has implemented this service as the first in the industry, applying it to claims assessments requiring family relationship verification since July 15. The service will be expanded to include child discount provisions in auto insurance and limited driver provisions by the end of this month.
Samsung Fire & Marine Insurance, Samsung Life Insurance, NH Nonghyup Life Insurance, and DB Insurance are also set to introduce the service sequentially from August to October. If all insurers participate, it is expected to reduce the burden of submitting approximately 3 million family relationship certificates annually.
* This article has been translated by AI.
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