Mirae Asset Life Develops Insurance Score Using 1.2 Billion Big Data Records

Introduction of Machine Learning Using AI
Utilization in Contract Review from January Next Year

Mirae Asset Life Insurance announced on the 4th that it has developed the industry's first integrated insurance score model based on machine learning using customer big data in collaboration with NICE Information Service.

[Asia Economy Reporter Oh Hyung-gil] Mirae Asset Life Insurance announced on the 4th that it has developed the industry's first integrated insurance score model based on machine learning using customer big data in collaboration with NICE Information Service.

Since 2012, Mirae Asset Life Insurance has divided about 1.8 million new contracts it has recruited by gender, age, recruitment attributes, coverage details, and premium payment history to produce a model of existing contract subscription information. It then reflected a total of about 10,000 additional items such as credit transaction performance, assets, and income information to derive approximately 1.2 billion pieces of big data.

By applying various statistical techniques and machine learning using artificial intelligence (AI) to this data, it developed the optimal insurance score "M-CBIS (Miraeasset Credit-Based Insurance Score)".

Mirae Asset Life Insurance plans to introduce M-CBIS across its business areas. First, it will be used in the contract review process starting from January next year. By matching the information provided by insurance subscribers with the M-CBIS model, it will conduct more rational evaluations of high-quality customers. The cumbersome financial document submission process will be omitted, and faster reviews are expected to enhance customer convenience.

Furthermore, by applying the M-CBIS model, customer groups can be precisely systematized, enabling customized responses for each customer, such as increasing coverage limits for high-quality customers. When developing new products, it allows for precise risk rate calculations for insurance rate setting as well as various marketing activities such as developing small-group customized products.

Jung Eui-seon, Head of Contract Management at Mirae Asset Life Insurance, said, "This is another digital innovation that broadens the horizon of insurance services as an insurtech case that combines customer big data with insurance," adding, "We will lead the way in protecting consumer rights by raising it as a standard indicator for comprehensive risk management and establishing a smart and sound insurance culture."

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