Shinhan Life Launches Natural-Language-Based Subscription Planning System "LICO"... "Industry First"

Shorter new-contract design time...enhanced customer convenience

Shinhan Life announced on the 12th that it launched the "LICO (Life Copilot)" system on the 9th. The system is based on generative artificial intelligence (AI) and analyzes customer information and user design patterns to recommend subscription plans in real time.

The system supports the entire process from determining the design direction to creating and revising subscription plans so that it can present optimal products that reflect customer needs. Unlike the previous method, which required moving back and forth across multiple complex screens to complete a design, users can now proceed quickly by receiving instant feedback through interactions that feel like conversing with an AI agent.

LICO's AI agent analyzes the basic information and coverage details of customers who have agreed to apply, and then provides various plan proposals together with recommendation scripts, taking into comprehensive account individual customer limits and rules among riders. In particular, through the industry's first natural-language-based chat interface, planners can easily revise the recommended plans, which not only speeds up customer service but also enhances customer convenience and expands their options when purchasing insurance.

In addition, during customer consultations, the system can perform an automated underwriting review at the same time as the design is reflected, dramatically shortening the time required from plan design to application. As a result, customer waiting time caused by repeated plan revisions and reviews is also expected to be significantly reduced.

Shinhan Life is pursuing company-wide innovation to secure future competitiveness in line with Shinhan Financial Group's AI Transformation (AX) and Digital Transformation (DX) strategies. In December last year, Shinhan Life filed for trademarks on the LICO system across three product categories covering insurance, software, and AI services. The company is currently in the process of filing a patent to use its AI-based insurance plan subscription methodology as a business model.

A Shinhan Life representative said, "The LICO system, designed based on generative AI, was developed to provide an insurance planning service optimized for both customers and planners in the field," adding, "We will continue to further improve design quality and work efficiency so that we can provide faster and better insurance services to our customers."

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