Kyobo Life Insurance Launches Smarter AI Chatbot 'Lovers 2.0'

Industry First Collaboration with Kakao Enterprise to Build AI Chatbot
Providing Various Insurance Services and Explaining Insurance Terms

[Asia Economy Reporter Ki Ha-young] Keeping pace with the untact era, Kyobo Life Insurance is unveiling a smarter artificial intelligence (AI) chatbot.

On the 22nd, Kyobo Life Insurance announced that it has developed and launched the Kakao AI chatbot 'Lovers 2.0' in collaboration with AI specialist company Kakao Enterprise. As part of 'Digital Kyobo 2020' preparing for the post-COVID-19 era, this aims to apply AI technology ahead of others in insurance operations and activate untact customer services. This is the first time in the insurance industry that a customer consultation chatbot has been built in partnership with Kakao Enterprise.

Through Lovers 2.0, Kyobo Life Insurance expanded chatbot consultations, which were previously applied in retirement pensions and loan fields, to cover all insurance operations for all customers. It provides guidance on various insurance inquiries such as premium payments, insurance claim applications, automatic transfer account changes, and contract details inquiries, as well as added functions explaining insurance terms like premium payment exemption and insurance claim rights.

It is also notable that Kakao Enterprise’s excellent AI machine learning technology and optimized natural language processing models were applied. Based on about 1,000 question-and-answer samples and over 64,000 data points, it provides customized information to customers and offers highly accurate answers through conversational communication via KakaoTalk chat. Additionally, if the chatbot consultation is transferred to the call center, the consultation details are delivered as is, enabling fast and accurate processing.

Anyone who uses KakaoTalk can access it, and by searching for ‘Kyobo Life Insurance,’ users can easily chat with the chatbot.

A Kyobo Life Insurance official said, "By the end of this year, we plan to enhance the chatbot to allow simple inquiries such as insurance premiums and loanable amounts, as well as administrative processing like loan applications and account changes," adding, "Through gradual expansion of operations, we intend to replace a significant portion of call center consultation tasks with the chatbot."