"AI for Insurance Underwriting" Digital Innovation Wave in Life Insurance Companies

[Asia Economy Reporter Bu Aeri] As non-face-to-face services have expanded due to COVID-19, life insurance companies have also embarked on digital innovation across various services.

According to the Life Insurance Association on the 28th, the use of digital technology is accelerating in areas such as insurance enrollment, underwriting, claim payments, contract management, and health management.

For insurance enrollment, even face-to-face sales products have introduced online and mobile application and happy call services. Procedures have been established to allow consumers to conveniently enroll in insurance at their desired time and place after consulting with an agent. Prudential Life, KB Life, BNP Paribas Cardif Life, and NH Nonghyup Life have digitalized insurance enrollment.

In underwriting, cases eligible for automatic review are processed promptly, minimizing procedures such as document submission and information collection from customers. For example, in the past, insurance contract reviews requiring the insured's diagnosis involved visiting a hospital and a nurse’s face-to-face procedure, taking 3 to up to 10 days for the review period. However, now, after installing a mobile application and completing a joint authentication process, it is possible to quickly enroll in insurance by checking the health checkup history from the National Health Insurance Service.

Additionally, claim payments have been enhanced for customer convenience through financial platforms. AI automatic review enables same-day immediate claim payments upon application. Heungkuk Life has automated claim receipt by having AI automatically classify claim documents received from customers and extract text to automate data for claim payments.

Life insurance companies operate digital channels available 365 days a year, enabling consumers to handle customer-centered tasks 24/7 through non-face-to-face methods such as video consultations and chatbots. They also provide digital healthcare services to support customers in maintaining consistent health management.

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