Experience of Korea in setting up an insurance database system and proposed solutions for Vietnam.

Abstract

Clause 1, Article 33, Decree 03/2021/NĐ-CP dated January 15, 2021, on compulsory civil liability insurance of motor vehicle owners, clearly regulate the responsibility of insurance companies in developing and operating information technology system to guarantee statistical affairs and update the implementation of compulsory civil liability insurance of motor vehicle owners to ensure the connection to database on compulsory civil liability insurance of motor vehicle owners as well as responsibility for insurance companies to provide minimum information on the system. However, in reality, insurance companies use their own database systems and hesitate to share information on the common database, thus causing difficulties for management. This issue leads to difficulties in data management and sharing. A cause of this situation is that insurance companies worry about the risk of losing customers when information is public. In order to resolve this issue, the paper will analyse a model that has been successfully deployed in Korea, from which, proposes several recommendations to contribute to the early realisation of the national insurance databases in Vietnam.