Hyundai Marine & Fire Insurance Partners with SK Telecom to Advance AI Technology

Hyundai Marine & Fire Insurance announced on the 15th that it has signed a memorandum of understanding (MOU) with SK Telecom to jointly promote innovation in the insurance business using artificial intelligence (AI) technology.

The signing ceremony took place the previous day at the SKT Tower in Euljiro, Jung-gu, Seoul, attended by Jeong Kyung-sun, Chief Sustainability Officer (CSO) of Hyundai Marine & Fire Insurance, and Yoo Kyung-sang, CSO of SK Telecom, among others.

This collaboration aims to lead the application of AI in the insurance service sector to innovate customer experience and strengthen the service competitiveness of both companies by discovering new business areas through cooperation between insurance and ICT businesses.

Both companies will consider building AI-based insurance services as part of the AI transformation of insurance. They will promote business process innovation by applying SK Telecom’s various AI technologies to Hyundai Marine & Fire Insurance’s insurance business. SK Telecom’s AI language model, A. Dot X (A.X) large language model (LLM), will be applied to insurance operations to establish AI call center and chatbot services that respond quickly and accurately to customer inquiries. They will also work on improving work efficiency by building an exclusive LLM process for Hyundai Marine & Fire Insurance employees.

Jung Kyung-sun, Chief Sustainability Officer (CSO) of Hyundai Marine & Fire Insurance, and Yoo Kyung-sang, CSO of SK Telecom (right), are posing for a commemorative photo after signing a business agreement.

Cooperation in the insurance infrastructure sector will also be strengthened. Since large-scale computations are required for large language models, AI infrastructure to support this smoothly is essential. SK Telecom plans to contribute to building optimized AI infrastructure for Hyundai Marine & Fire Insurance by utilizing its technical know-how operating AI services such as A. Dot.

Both companies plan to cooperate so that Hyundai Marine & Fire Insurance’s major insurance services can also be used within SK Telecom’s A. Dot app. Services such as inquiries about insurance products and insurance claims will be implemented identically to the Hyundai Marine & Fire Insurance app, allowing A. Dot users to enjoy more diverse and extensive services. Additionally, by utilizing A. Dot’s interpretation call function, they plan to expand the customer base to foreigners and actively cooperate in discovering new business models based on the core competencies of both companies in telecommunications and insurance competitiveness.

Jeong Kyung-sun, CSO of Hyundai Marine & Fire Insurance, said, “We have high expectations for close cooperation with SK Telecom, which aspires to be a global AI company,” adding, “Through SK Telecom’s advanced AI technologies such as A. Dot, we will produce meaningful results that can lead innovation in the insurance business.”