Hanwha Life Insurance Obtains Patent for Self-Developed 'Insurance Claim AI Automatic Review' Technology

Hanwha Life Insurance has obtained two patents: "Automatic Claims Payment Review System for Indemnity Insurance and Its Method" and "Automatic Claims Payment Review System for Indemnity Insurance Using Sappli Values and Its Method." The inventors of the patents are Seungwoo Lee, Deputy General Manager of Hanwha Life Insurance's Insurance Core S Construction TF Team, Hanbin Kwak, Manager at Hanwha Systems, and Giseung Hwang, Assistant Manager.

[Asia Economy Reporter Oh Hyung-gil] Hanwha Life announced on the 21st that it has obtained two technology patents from the Korean Intellectual Property Office for its self-developed AI automatic insurance claim review system.

Hanwha Life acquired two patents: "Automatic Review System and Method for Indemnity Insurance Claims" and "Automatic Review System and Method for Indemnity Insurance Claims Using Sappli Values." The inventors listed on the patents are Deputy General Manager Lee Seung-woo of Hanwha Life's Insurance Core S Construction Task Force (TF) team, Manager Kwak Han-bin of Hanwha Systems, and Assistant Manager Hwang Ki-seung.

Hanwha Life utilized the core deep learning technique of AlphaGo, the "CNN neural network algorithm," analyzing approximately 11 million insurance claim data records from 2017 to 2019 through 35,000 training iterations.

The system has been applied since December last year to indemnity insurance and fixed amount insurance using the AI automatic insurance claim review system. Hanwha Life aims to increase the current automatic review rate of about 25% to a maximum of approximately 50%.

From the customer's perspective, the payment period after filing an insurance claim is expected to be shortened by 1 to 2 days compared to before. Additionally, it is anticipated that the time and cost required for reviewing small insurance claims will be reduced, with an expected cost-saving effect of up to approximately 12.2 billion KRW over the next five years.

This patent acquisition is part of Hanwha Life's ongoing Insurance Core System construction project, which is scheduled to be completed in the first half of 2022.

A Hanwha Life official stated, "This result was achieved not by adopting external cases and applying them to the system, but through the ideas of internal employees and collaboration and challenges among departments and affiliates." He added, "We will lead the industry as a first mover, not a fast follower, and continue to accelerate digital transformation through ongoing research in creative and innovative digital technologies."

This content was produced with the assistance of AI translation services.