On the 11th, Samsung Fire & Marine Insurance announced that it has obtained a patent for its long-term insurance claim review system, 'JanggiU.'
JanggiU uses machine learning to quickly find the optimal coverage that the insurer can underwrite by considering the insured's illnesses. The AI independently reviews the information provided by the customer and their insurance claim history, then notifies whether approval is granted.
To enroll in a health insurance product, customers must inform the insurer of their medical history. The insurer verifies the customer's medical history and conducts an underwriting review.
JanggiU enables automatic review through AI even if the customer has a history of insurance claims. As a result, customers wishing to join Samsung Fire & Marine Insurance's health insurance can conveniently enroll through a fast review process regardless of their claim history.
Initially applied to some products when first launched in 2021, JanggiU has been expanded to all products through continuous learning. The approval rate of JanggiU's reviews, which was 71% in 2021, has now reached approximately 90%.
Moreover, it has evolved from simply determining eligibility for subscription to assessing insurable coverage, allowing conditional processing such as surcharges or exclusions depending on the insured.
The greatest advantage of JanggiU is that it provides customers with prompt review results even as the volume of reviews increases. Although the number of reviews this year has more than doubled compared to the previous year, the review processing time remained the same due to JanggiU's operation.
No Jaeyoung, General Manager of the Long-term Insurance Underwriting (U/W) Team at Samsung Fire & Marine Insurance, stated, "JanggiU now has a competitive review processing speed equivalent to that of human underwriters," adding, "In the future, we will open an era of ultra-personalized insurance through customized reviews for each customer."
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