NH Nonghyup Life & Non-Life Insurance Sign MOU to Discover AI and Big Data-Based Business Models
NH Life Insurance and NH Nonghyup Property & Casualty Insurance Accelerate Customer-Centric Digital Transformation
Kim In-tae, CEO of NH Nonghyup Life Insurance (left), and Choi Chang-soo, CEO of Nonghyup Property & Casualty Insurance (right), are posing for a commemorative photo after signing an MOU on the 17th.
View original image[Asia Economy Reporter Oh Hyung-gil] NH Nonghyup Life Insurance and NH Nonghyup Property & Casualty Insurance announced on the 17th that they signed a mutual business agreement (MOU) for joint research and development of AI and big data-based business models with Agile Soda on the 12th floor of the Nonghyup Life Insurance headquarters.
The agreement, signed the previous day, was jointly promoted by Nonghyup Life Insurance and Nonghyup Property & Casualty Insurance. It aims to enhance work efficiency by integrating AI and big data-based technologies throughout Nonghyup's insurance business and to secure digital competitiveness.
The main contents of the agreement include ▲ automatic classification of insurance claim documents ▲ AI optical character recognition (OCR) for image recognition and data extraction of insurance receipts, medical certificates, etc. ▲ research and development of business models applicable to AI and big data technologies.
The agreement period is one year from the date of signing the memorandum of understanding. Agile Soda is an AI-specialized company that has carried out AI and big data-related business development projects with numerous financial companies. Nonghyup Life Insurance, Nonghyup Property & Casualty Insurance, and Agile Soda plan to actively cooperate to quickly and easily adopt and internalize AI technology, which is a core future competitiveness.
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Kim In-tae, CEO of Nonghyup Life Insurance, said, “Through collaboration with Agile Soda, we will accelerate digital innovation and continuously strive to provide new customer-centric insurance services.” Choi Chang-soo, CEO of Nonghyup Property & Casualty Insurance, emphasized, “Taking this agreement as an opportunity, we will discover AI and big data-based business models that customers can use easily and conveniently.”
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