Heungkuk Life Insurance Launches AI-Based Insurance Fraud Detection System... "Advancing Claims Assessment"

Heungkuk Life Insurance announced on April 21 that it has begun establishing an integrated analytics platform and an artificial intelligence (AI)-based fraud detection system (FDS). The initiative aims to enhance the accuracy of insurance claims reviews and to respond to increasingly sophisticated insurance fraud schemes.

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This project focuses on integrating data and applying AI analytics capabilities to make the insurance claims review process more efficient. Routine review work will be automated, allowing specialists to focus on complex cases, thereby improving both the accuracy and processing speed of claim assessments.

The AI system will analyze insurance claim data to detect anomalies that deviate from typical patterns at an early stage. By identifying risk signals before insurance payments are made, the company expects to prevent insurance fraud and reduce unnecessary payouts.

Heungkuk Life Insurance also plans to introduce a loss ratio prediction model. By using historical data to forecast future changes in loss ratios, the company aims to support faster and more accurate decision-making. This is expected to further strengthen both risk management and financial soundness frameworks.

A representative from Heungkuk Life Insurance stated, "The implementation of this system is intended to increase the accuracy of insurance claim assessments and provide a more reliable claims environment for our customers. We will continue to use AI to improve work efficiency and customer convenience going forward."

This project is being carried out in cooperation with Korea Expert, a company specializing in AI platforms. Korea Expert will provide AI-based analytics technology based on its accumulated experience in the insurance and financial sectors. The project will be implemented in stages, with rollouts planned for July and December of this year.

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