Samsung Fire & Marine Insurance's AI Review System 'Samsung IT Fair' Wins Silver Award

[Asia Economy Reporter Oh Hyung-gil] Samsung Fire & Marine Insurance announced on the 5th that its machine learning-based artificial intelligence (AI) life insurance underwriting system 'JanggiU' won the silver award at the 'Samsung 2021 IT Fair.'

The JanggiU system considers the insured's illnesses to find the optimal coverage that the insurer can underwrite. The AI independently reviews the information disclosed by the customer and the insurance claim history, then notifies the approval status.

In particular, Samsung Fire & Marine Insurance became the first in the industry to enable automatic underwriting through AI even if the customer has an insurance claim history. Customers seeking to enroll in health insurance can conveniently join after a fast underwriting process regardless of their claim history. Currently, it is used within the company's internal underwriting system and is scheduled to be implemented in direct channels starting next month.

Additionally, for long-term property insurance, Samsung Fire & Marine Insurance enables fast and accurate industry selection through AI image recognition and natural language processing that understands everyday language. The AI recognizes photos of buildings submitted during insurance enrollment and independently assesses the industry type and management condition.

The AI-based property insurance underwriting system also received a patent from the Korean Intellectual Property Office in January of this year.

A Samsung Fire & Marine Insurance official stated, "The system was highly evaluated for drastically reducing underwriting time and providing convenience to customers," adding, "We will develop better systems so that customers can conveniently purchase insurance."

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