New Insurance Development Institute chief vows to make body a 'pacesetter' for industry

Yoo Jae-hoon took office Tuesday as the 14th president of the Insurance Development Institute, the organization said.

"The insurance industry stands at a new turning point amid a rapidly changing environment — climate change, natural disasters, international conflicts, supply chain instability and the spread of AI technology," Yoo said. He called on the institute to become a "pacesetter" that proactively charts the future direction of the insurance industry and delivers the data, technology and services it needs before they are demanded.

Yoo said his first priority would be pioneering new markets through advanced technology and strengthening AI-based risk assessment capabilities. He stressed the need to research AI and sophisticated risk-assessment models suited to the changing environment in order to manage risk more effectively.

Alongside this, he said the institute would analyze market shifts and on-the-ground feedback from a range of stakeholders — including insurance consumers, financial regulators and insurers — to offer reliable and well-reasoned solutions.

Yoo also pledged to deepen cooperation with relevant agencies and medical institutions to improve the benefits of Silson24, the institute's digital platform for processing medical insurance reimbursement claims.

Looking further ahead, Yoo promised to share the institute's long-accumulated expertise and its integrated statistics management system, K-Insurance, with markets in Southeast Asia and beyond, in support of local business operations by Korean insurers.

Meanwhile, the Insurance Development Institute has previously co-developed a mobile driving-habit app with seven non-life insurers to promote safe driving culture and provide consumers with tailored insurance services.