"AI Handles Everything from Enrollment to Payment" Kyobo Life Applies AI Technology to Insurance Payouts

Following the World's First Natural Language Processing-Based AI Underwriting, Payment Review Also Powered by AI Technology

[Asia Economy Reporter Oh Hyung-gil] Kyobo Life Insurance, which developed the world's first natural language processing and machine learning-based artificial intelligence (AI) underwriting system, has applied AI technology to insurance claim payments as well. Kyobo Life Insurance has established an AI-based system from subscription screening to insurance claim payments.

Kyobo Life Insurance announced on the 3rd that it has introduced AI technology to insurance claim payments and developed the 'Accident Insurance Claim AI Automatic Screening System.'

This system was independently developed by the field staff and is regarded as a case that further enhances Kyobo Life Insurance's digital capabilities. It is also significant in that an AI-based system lineup has been established for insurance subscription, insurance claim screening, and insurance fraud prediction.

The Accident Insurance Claim AI Automatic Screening System applies machine learning techniques and automation algorithms based on big data. It evaluates risk according to the type of insurance claim and then determines whether it is suitable for automatic screening. It divides models into six benefit categories such as indemnity, hospitalization, and outpatient care, calculates risk scores, and decides on automatic screening payment eligibility.

This system learns data autonomously to create criteria for judging automatic screening risks. Compared to existing methods, it is innovatively faster and has the advantage of easily expanding the scope of automatic screening.

The insurance industry is experiencing increased workload due to the annually rising number of insurance claims. By allowing AI systems to handle a significant portion of screening tasks, faster and more reliable customer protection is expected.

Kyobo Life Insurance aims to increase the proportion of AI automatic screening to up to 40% by 2025. The anticipated cost-saving effect is approximately 8 billion KRW. Many insurance claim screenings, including indemnity, will be resolved through AI automatic screening, enabling screeners to focus on high-risk screening and verification, thereby strengthening customer protection.

Additionally, the company plans to apply this AI system to various fields in the workplace to improve work efficiency and lead digital innovation in the insurance industry.

A Kyobo Life Insurance official said, "The development of this system was led by field department personnel, making it an exemplary case of the ambidextrous digital talent Kyobo Life Insurance pursues." He added, "A major advantage is the ability to quickly optimize for environmental changes such as insurance-related systems and product changes based on a high understanding of the work, and AI technology will be promptly applied to other systems in the future."

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