Intro

Data is the most essential resource in the era of the 4th industrial revolution. 

Data is also a source of digital transformation and convergence between 

heterogeneous industries.

The data economy, or "data economy", was first used by David Newman in 2011. 

Now, 10 years later, the data economy has become a keyword in the economies 

of major countries around the world. Indeed, they are establishing and driving national

data strategies to transform the data economy.

Against this backdrop, we are also building a data economy at the national level. 

Since 2019, we have been promoting the business of building a big data 

platform and creating an ecosystem centered on private data in 16 different fields 

such as finance, communication, environment, and culture. Also, since August 2020, 

amendments to the Personal Information Protection Act, the Information and 

Communications Network Act, and the Credit Information Act, also known as the 

Data 3 Act, have been in effect. It is now possible to use pseudonymous information 

processed to make it difficult to identify individuals without prior consent 

of the information owner for statistical preparation, public record preservation, 

and scientific research.

For domestic insurance companies, the data economy era could be both an opportunity 

and a crisis. The domestic insurance industry is in a slump. The growth potential 

of life insurance is lower than the nominal economic growth rate, while non-life insurance 

is maintained at the nominal economic growth rate. 

The low growth trend is expected to continue going forward. 

How the data economy is integrated into the insurance industry will determine the fate 

of the industry.

Insurance companies could leverage vast amounts of data to develop new insurance 

products, improve underwriting and rates, and collaborate across industries. 

In particular, they can have the ability to actively advance into the health care industry 

and the nursing service industry by using public health data.

Accordingly, The Financial News will jointly hold the "15th Global Insurance Symposium" 

under the theme of 'Data Economy and Sustainable Insurance' at Grand Ballroom (1F), 

The Westin Josun Hotel, Seoul on October 12, jointly with Korea Insurance Research Institute. 

At this event, you might be able to listen to the insights of domestic and foreign experts 

on innovation in the data economy, insurance industry, consumer protection, 

and government policy directions.

Overview 

Title : The 15th Global Insurance Symposium 

Date : October 12nd(Wed), 2022, 09:00 ~ 13:00

Venue : Grand Ballroom, The Westin Josun Hotel, Seoul

Theme : Data Economy and Sustainable Insurance

Host : The Financial News,  Korea Insurance Research Institute

Sponsor : Financial Services Commission, Financial Supervisory Service, 

                   Korea Deposit Insurance Corporation, Korea Life Insurance Association, 

                  General Insurance Association of Korea, Korea Insurance Development Institute

Contact : Global Insurance Symposium Secretariat

                  Tel: 02-6965-0016 

                  E-mail:  hyewon.n@fnmice.com