Starting from Monday, the Financial Services Commission and the Financial Supervisory Service(FSS) will begin to search for some nine million people who have yet to claim insurance money worth more than seven trillion won.

The effort is part of a new system aimed at tracking unclaimed insurance payouts

The financial agencies began operating the system jointly with the Korea Life Insurance Association and the General Insurance Association of Korea.

The agencies will also send out mail to people who have yet to claim insurance money of more than ten-thousand won or death benefits.

Separately, starting from Tuesday, a service will be launched in which people will be able to review all their financial accounts at one glance.