Shinhan Life announced on the 23rd that it has signed a joint research agreement on insurance product development with Shinhan DS and AI startup Skelter Labs. From left in the photo: Jaekyun Lee, Vice President of Shinhan Life; Youngseo Cho, Vice President of Shinhan DS; Wonkyu Cho, CEO of Skelter Labs. Photo by XXX
[Asia Economy Reporter Oh Hyung-gil] Shinhan Life announced on the 23rd that it has signed a joint research agreement on insurance product development with Shinhan DS and AI startup Skelter Labs.
They plan to conduct joint research to digitize the development and verification procedures for insurance products by utilizing artificial intelligence (AI) machine reading comprehension (MRC) technology for the first time in the industry.
MRC technology is a technique that understands the meaning of a given question in a text document and derives an answer. Just as an ordinary person can read books or newspapers and respond to questions, AI can grasp the user's intent and provide answers within sentences.
In the joint research, Shinhan Life will provide documents necessary for the practical department's requirements and analysis, present and verify standards such as product comparison items, classification systems, and product group definitions.
Shinhan DS will analyze Shinhan Life's requirements, test the feasibility of research and product comparison, and plan to provide product database construction and visualization services using Skelter Labs' conversational engine.
By building an insurance product comparison analysis platform, the entire process including product planning, development, verification, and post-management will be digitized for efficiency.
Lee Jae-kyun, Vice President of Shinhan Life, said, "The promotion of a digital transformation strategy using new technologies will serve as an opportunity to accelerate the group's digitalization," adding, "We aim to maximize synergy and build a platform utilizing AI new technologies to leap forward as a first-class leading company in the industry."
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