Korean Insurance Association Advances High-Level Development of Domestic 'MADIMMO' to Combat Car Insurance Fraud

The Korean Insurance Association is advancing the enhancement of a domestic version of MADIMMO to combat car insurance fraud. Originally developed in the Netherlands, MADIMMO was introduced in South Korea in 2009 for detecting fraudulent claims. The association has initiated a business recruitment process to develop the advanced system, planning to launch it by November. Integration with existing programs will include speed analysis, UI/UX improvements, and other conveniences. This follows a 2023 inter-agency agreement between the Korean Insurance Association, Financial Supervisory Service, National Police Agency, and Korea Road Safety Corporation to address intentional traffic accidents. The collaboration aims to strengthen information sharing, investigative capabilities, education, and awareness campaigns. The goal is to enhance detection of fraud suspects using MADIMMO's analysis techniques. Detected insurance fraud amounts have been rising annually, reaching 5723.9 billion won in 2023. Financial authorities view this as a significant financial crime, affecting insurance premiums for law-abiding policyholders.