Hanwha General Insurance Develops AI Contract Review System 'Alpha Underwriting'

SI·Driver Insurance Product Line Initially Introduced,
Planned Expansion to All Products by Next Year

[Asia Economy Reporter Ki Ha-young] Hanwha General Insurance announced on the 13th that it has independently developed the 'Alpha Underwriting' system, an artificial intelligence (AI) system that underwrites insurance contracts.

Alpha Underwriting is an AI system based on machine learning that learns from data and provides predicted underwriting results along with explanatory materials for the judgment basis. Previously, even for minor illnesses or accidents, underwriters had to individually verify and approve each case, resulting in long waiting times. However, with the introduction of Alpha Underwriting, the underwriting speed has increased, allowing AI-underwritten cases to be processed without waiting time, and underwriting results are expected to be standardized.

Hanwha General Insurance has been developing the AI underwriting system since last year with the goal of automating underwriting for all insurance products. By utilizing more than 500 variables that affect underwriting and training within the SI (Simplified Underwriting Insurance) product group, it was confirmed that the results matched those of actual underwriters by over 95%. Hanwha General Insurance plans to first introduce AI to the SI and driver insurance product groups and then expand it to all products by the first half of next year through advanced underwriting model development.

A Hanwha General Insurance official said, "In the current situation where insurance underwriting is becoming increasingly complex, the introduction of the AI underwriting system has improved work efficiency and strengthened underwriting quality," adding, "We will be able to secure business competitiveness suitable for the era of digital transformation."

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