Medical AI company Lunit (CEO Beomseok Seo) announced on the 5th that it will participate in the ‘U-Bank’ consortium, which aims to establish the 4th internet-only bank, along with Lendit, Jarvis & Villains (SamjeomSam), TravelWallet, Hyundai Marine & Fire Insurance, and others. This is described as the first case of a medical AI company directly entering the financial sector.
A Lunit representative explained the participation in the internet-only bank consortium as "a part of a strategy to pursue innovation and revenue diversification through convergence across various industries." Last year, Lunit achieved milestones such as surpassing 3,000 global adoption institutions for its cancer diagnosis AI solution 'Lunit INSIGHT' and generating its first research sales from the AI biomarker platform 'Lunit SCOPE.' Building on these achievements, the company plans to further strengthen its global competitive edge through new collaborations in the financial services sector.
Lunit will leverage its healthcare expertise to participate in the development of more accurate and customized financial products such as insurance. The company expects synergy with Lunit, which has abundant cancer-related medical data, as insurance is an industry that develops products by predicting and assessing diseases, death, and other factors numerically. Opportunities will also open to provide bank customers with content related to cancer prevention and treatment. Through a mobile banking application, customers will be able to easily check their health status and access professional information to diagnose and manage cancer risk.
Through joining this consortium, Lunit also plans to contribute to coexistence with financially vulnerable groups. By providing tailored financial and healthcare services to U-Bank’s ‘inclusive finance’ target customers such as seniors, small business owners, SMEs, and foreigners, the company aims to contribute to creating social value.
Synergy is also expected with ‘Lunit Care,’ the cancer management service that officially started last year. Through Lunit Care, a total cancer care service for patients and caregivers, it is anticipated that various services combined with insurance data will be possible. Lunit plans to actively expand its business scope from the existing business-to-business (B2B) and business-to-government (B2G) models to business-to-consumer (B2C).
Beomseok Seo, CEO of Lunit, said, “Lunit will fulfill its role as a strategic partner of the U-Bank consortium in creating an inclusive financial environment pursued by the bank,” adding, “As the two essential elements of our lives, health and assets, converge, we will actively participate in developing more innovative and diverse services in the future.”
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