Lunit Signs License Agreement with Taiwan Cathay Life Insurance

[Asia Economy Reporter Chunhee Lee] Medical artificial intelligence (AI) company Lunit announced on the 6th that it has signed a license agreement for its chest X-ray image analysis solution, 'Lunit INSIGHT CXR,' with Cathay Life Insurance, the largest insurance company in Taiwan.

Going forward, Cathay Life Insurance will use Lunit INSIGHT CXR for underwriting assessments when issuing insurance policies. This marks the first time Lunit's AI image analysis solution has been officially adopted in the insurance underwriting process outside of medical institution diagnostics.

Since 2020, Lunit has been jointly conducting research with Cathay Life Insurance to improve the accuracy and efficiency of insurance underwriting using AI. Cathay Life Insurance reviews more than 30,000 chest X-ray images annually for new insurance contracts. During this process, they utilized Lunit INSIGHT CXR, Lunit's AI assistant for pulmonary disease diagnosis.

As a result, Lunit INSIGHT CXR demonstrated over 90% accuracy in determining the presence of pulmonary diseases and detecting abnormal lesions. The total reading time was also reduced by more than 90%, significantly increasing the underwriting efficiency of Cathay Life Insurance.

Accordingly, the two companies signed a license agreement for Lunit INSIGHT CXR and agreed to officially adopt Lunit's AI solution in the insurance underwriting process.

Seobeom Seok, CEO of Lunit, stated, "Through over two years of research, the two companies have proven that AI solutions have value beyond medical environments. We will continue to expand our business into various fields so that more people can detect diseases early and receive appropriate treatment."