Search results for insurance fraud
Finance
Financial watchdog to revamp bank CEO renewal process, expand National Growth Fund to 200 trillion won
South Korea\'s Financial Services Commission plans to overhaul financial sector governance, including changes to the process for renewing chief executives to block long-term control built on friendly boards. It also plans to expand the National Growth Fund to 200 trillion won and pursue a full lifting of network separation rules to support productive finance and artificial intelligence transformation. The FSC also outlined steps on inclusive finance, regional policy finance and capital market reforms.
Finance
Post Office Insurance to upgrade AI-based insurance fraud detection system
Post Office Insurance will use AI to block insurance fraud in advance. The Ministry of Science and ICT’s Postal Service said it will 추진 an upgrade of its AI-based Insurance Fraud Detection System (IFDS) to respond more effectively to fraud. The project will build an integrated predictive model combining existing work rules with machine learning. It will also reflect operational know-how and cases from private insurers’ IFDS deployments.
Finance
Korea Post abolishes cap on rewards for reporting insurance fraud
Korea Post will abolish the ceiling on rewards paid for reporting insurance fraud to encourage more tips and improve detection, the Ministry of Science and ICT’s Postal Service said on Sunday. The cap had been set at 30 million won. Over the past five years, confirmed Post Office Insurance fraud totalled about 4.2 billion won involving 742 people, but tip-based cases accounted for about 47 million won, or 1.1 percent. Reward payouts totalled seven cases worth about 3.6 million won.