[Asia Economy Reporter Changhwan Lee] ABL Life announced on the 17th that it will launch an insurance fraud prediction system based on artificial intelligence (AI) new technology.
ABL Life's 'AI-based Insurance Fraud Prediction System' automatically detects and alerts suspicious insurance fraud cases when insurance claims are filed, helping to enable proactive responses to fraudulent insurance claims.
As risk management is strengthened, the company expects that the efficiency of the accident insurance payment process will be improved, and the speed of accident insurance payment processing will also increase.
This system is equipped with AI modeling automatic learning and deployment process functions, contributing to the efficiency of the insurance payment process.
At the stages typically classified as automatic approval, manual review, and investigation during accident insurance claim reception, accuracy is improved, raising the automatic accident insurance payment rate to 86%, and the accident insurance payment processing rate within 24 hours (84.1% as of August 2022) is also expected to increase.
ABL Life emphasized that with the introduction of this system, it expects not only to respond more proactively to insurance fraud but also to improve customer service more efficiently in the new contract processing process.
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